|
|
The key areas for possible enhancement include:
- The requirement (or not) to appoint a buy-in agent
- Flexibility in the timing of the buy-in
- The potential for buy-in auctions
Based on informal feedback from members, ICMA has decided to focus on two key aspects of the buy-in process to improve the efficiency and flexibility:
Given the difficulty in finding willing buy-in agents, it may be more efficient for the initiating party to execute the buy-in themselves, negating the need for buy-in agents. The buy-in could be executed in the OTC market, or through an auction process on a regulated electronic platform.
It has been pointed out that the current five-day notification of the buy-in execution is unnecessarily rigid, and that flexibility to determine a longer period between the buy-in notice and the buy-in execution would be a welcomed enhancement.
The consultation also covers a number of other issues, or potential areas for enhancement, as well as asking for members’ suggestions for possible additional revisions.
The period for the consultation is 5 September 2016 through 14 October 2016.