The International Primary Market Association (IPMA) is the organization that represents the lead managers of equity and debt securities in the international capital market. The prime objective of the association is to achieve a harmonized primary capital market in Europe.
Providing an appropriate level of protection to the investors of Europe is another objective of the association.The association is based in Europe and takes care of the primary capital market in Europe. The working document that is presented by the association takes care of the instructions given by CESR’s level 2 advices.
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But in some cases, the specifications given by CESR are not followed. The working document given by the International Primary Market Association considers those issues that may come critical to the operation of European Capital Market.
The comments made by the association working document reflect the views of the association’s members. The members of IPMA are the major banks and financial institutions of Europe that are active in the capital market. The member institutions have expressed their concerns with the association as issuers and investors.
There are various activities of International Primary Market Association. Some of them are listing of new stock securities, listing of new debt securities and also granting limited temporary exemptions for existing debt securities. The conditions for temporary exemptions of the securities specified by the directive are – the issuer can have only debt admitted to trading on the regulated market, the issuer actually is only exempt from half-yearly disclosure but not from annual or interim disclosure and that the exemption is applicable only for seven years.
The notice released by the IPMA on 5th November, 2003 concerns the choice of home Member State under EU Prospectus Directive by the security issuers. This choice of home Member State will definitely affect.
Last Updated on : 22nd July 2016