Issuers have the opportunity to market their engagement to follow the recommendations, by providing the Issuer LoR (pdf-118KB) to both ICSDs, either on a blanket level, for all their future new issuances, or on a programme level, for all their future drawdowns.
An ISMAG Adherent label will be assigned to their relevant securities issued as from the defined effective date (closing date) and the ICSDs will publish the names of Adherent issuers on their website.
An Exception Processing Notification (pdf-37KB) is available to exclude, at security (ISIN) or Programme level, securities structured in a manner that may prevent calculation Agents to provide information as per the defined benchmarks.
These labels will bring transparency:
to investors on their securities portfolio and related expected service levels, i.e. inline with ISMAG recommendations
to Issuers on their securities’ compliance vs. the recommendations.
For all Issuers’ Agents
In any agency role as Lead Manager, Arranger, Dealer, Principal Paying Agent, Issuing & Paying Agent, Calculation Agent, Determination Agent, Corporate Action Agent, Fiscal Agent.
The Issuers’ Agents have the possibility to acknowledge their adherence to the best practices by providing an Issuer Agent LoR (pdf-37KB).
Once such letter is received by both ICSDs, the Issuer’s Agent name will appear on their respective websites as 'ISMAG Adherent' as Issuer’s Agent.
Both Issuers and Issuers’ Agents
You have the possibility to cease complying with the MPB, either in whole or in part, by sending a Notice of Revocation of ISMAG Adherence (pdf-38KB) to both ICSDs.