Eligibility for Membership

Full membership:

ICMA’s full members are entities which are actively engaged in professional dealing in international securities, or repo and/or collateral, or in the facilitation of such dealing. The following types of entity qualify as full members of the Association:

  • banks
  • members of recognised stock exchanges
  • licensed dealers in securities
  • members of recognised security dealers associations
  • asset and fund managers
  • insurance companies
  • affiliates to a bank
  • affiliates to a member of a recognised stock exchange
  • recognised trading venues (such as recognised stock exchanges and multilateral trading facilities)
  • recognised central counterparties, clearing and/or settlement systems

Of enterprises where there is a principal/branch office relationship, only one office may become a member of the Association and exercise their rights in general meetings through delegates from within their organisation and appointed by them.

Associate membership:

Organisations which do not qualify as full members but which have an important role in the international capital market and maintain close relations with ICMA may become associate members of the Association.

Organisations qualifying for associate membership include central banks, bodies that have a public function in any country or in any international or supranational organisation and professional advisers such as legal advisors.

Associate members have no right to vote or to take part in elections and shall not be entitled to have persons from within their organisations on the board. Otherwise, associate members generally enjoy much the same benefits and services as full members, such as access to the ICMA Primary Market Handbook, ICMA’s statutes, by-laws, rules and recommendations (the ICMA Rule Book), the ICMA Members Register and the GMRA legal opinions*

 * While associate members of ICMA have access to the ICMA legal opinions, the opinions are not addressed to associate members and therefore they cannot rely on them.

ICMA conducts an annual audit of its full members to ensure that they continue to meet the requirements of full membership of the Association. Full members include banks, members of recognised stock exchanges, licensed dealers in securities, members of recognised security dealers associations, asset and fund managers, insurance companies, affiliates to a bank, affiliates to a member of a recognised stock exchange, recognised trading venues (such as recognised stock exchanges and multilateral trading facilities) and recognised central counterparties, clearing and/or settlement systems.

Associate members are not included in this annual audit. Associate members include central banks, bodies that have a public function in any country or in any international or supranational organisation and professional advisers such as legal advisors.