Social Bond Principles (SBP)

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class="no-child-nodes"> <h3><a href="/membership/apply-for-membership/"><span>Apply for Membership</span></a></h3> </div> <div class="no-child-nodes"> <h3><a href="/membership/List-of-principal-delegates-2/"><span>List of ICMA Member Firms</span></a></h3> </div> <div class="no-child-nodes"> <h3><a href="/membership/icma-members-register/"><span>ICMA Members Register</span></a></h3> </div> <div style="clear: both;"></div> </div> </div> <div class="section market-practice-and-regulatory-policy 26811"> <div class="menu-sidebar"> <h3>ICMA engages with its global membership on market practice and regulatory policy issues through its expert forums.</h3><p>Here are the key sections covering our work programmes, including contact details of ICMA staff responsible for each area.</p> </div> <div class="menu-primary"> <div class=""> <ul class="items"> <li class="group"> <h3><a href="/market-practice-and-regulatory-policy/primary-markets/"><span>Primary Markets</span></a></h3> <ul class="items children"> <li class="item level3 "> <a href="/market-practice-and-regulatory-policy/primary-markets/ipma-handbook-home/"> ICMA Primary Market Handbook - Home </a> </li> <li class="item level3 hasChildren"> <a href="/sustainable-finance/the-principles-guidelines-and-handbooks/social-bond-principles-sbp/#"> Primary Market Committees <span class="arrow"> ‣ </span> </a> <ul class="children teriary"> <li class="item"><a href="/market-practice-and-regulatory-policy/primary-markets/primary-market-committees/icma-primary-market-practices-committee/">ICMA Primary Market Practices Committee</a></li> <li class="item"><a href="/market-practice-and-regulatory-policy/primary-markets/primary-market-committees/icma-asia-bond-syndicate-forum/">ICMA Asia Pacific Bond Syndicate Forum</a></li> <li class="item"><a href="/market-practice-and-regulatory-policy/primary-markets/primary-market-committees/icma-legal-and-documentation-committee/">ICMA Legal and Documentation Committee</a></li> <li class="item"><a href="/market-practice-and-regulatory-policy/primary-markets/primary-market-committees/icma-asia-legal-and-documentation-forum/">ICMA Asia Pacific Legal & Documentation Forum</a></li> <li class="item"><a href="/market-practice-and-regulatory-policy/primary-markets/primary-market-committees/public-sector-issuer-forum/">Public Sector Issuer Forum</a></li> <li class="item"><a href="/market-practice-and-regulatory-policy/primary-markets/primary-market-committees/icma-corporate-issuer-forum/">ICMA Corporate Issuer Forum</a></li> <li class="item"><a href="/market-practice-and-regulatory-policy/primary-markets/primary-market-committees/icma-financial-institution-issuer-forum/">ICMA Financial Institution Issuer Forum</a></li> </ul> </li> <li class="item level3 hasChildren"> <a href="/sustainable-finance/the-principles-guidelines-and-handbooks/social-bond-principles-sbp/#"> Primary Market Topics <span class="arrow"> ‣ </span> </a> <ul class="children teriary"> <li class="item"><a href="/market-practice-and-regulatory-policy/primary-markets/primary-market-topics/accounting-and-auditing/">Accounting and Auditing</a></li> <li class="item"><a href="/market-practice-and-regulatory-policy/benchmark-reform-and-transition-to-risk-free-rates/">Benchmark Reform and Transition to Risk-Free Rates</a></li> <li class="item"><a href="/market-practice-and-regulatory-policy/primary-markets/primary-market-topics/mifid-ii-r-in-primary-markets/">MiFID II/R in Primary Markets</a></li> <li class="item"><a href="/market-practice-and-regulatory-policy/primary-markets/primary-market-topics/primary-markets-conduct-non-mifid/">Primary Markets Conduct (non-MiFID)</a></li> <li class="item"><a href="/fintech-and-digitalisation/">Electronification</a></li> <li class="item"><a href="/fintech-and-digitalisation/primary-markets-fintech-directory/">Primary Markets Technology Mapping Directory</a></li> <li class="item"><a href="/market-practice-and-regulatory-policy/primary-markets/primary-market-topics/dialogue-with-investors/">Dialogue with Investors</a></li> <li class="item"><a href="/market-practice-and-regulatory-policy/primary-markets/primary-market-topics/initial-disclosure-pd-and-priips/">Prospectuses</a></li> <li class="item"><a href="/market-practice-and-regulatory-policy/primary-markets/primary-market-topics/initial-disclosure-priips-kid/">PRIIPs KIDs</a></li> <li class="item"><a href="/market-practice-and-regulatory-policy/primary-markets/primary-market-topics/retail-access-to-bond-markets/">Retail Access to Bond Markets</a></li> <li class="item"><a href="/market-practice-and-regulatory-policy/primary-markets/primary-market-topics/market-infrastructure-and-asset-servicing/">Market Infrastructure and Asset Servicing</a></li> <li class="item"><a href="/market-practice-and-regulatory-policy/primary-markets/primary-market-topics/market-abuse-regulation-mar/">Market Abuse Regulation (MAR) - Primary Market Aspects</a></li> <li class="item"><a href="/market-practice-and-regulatory-policy/primary-markets/primary-market-topics/periodic-reporting-continuing-obligations/">Periodic Reporting / Continuing Obligations</a></li> <li class="item"><a href="/market-practice-and-regulatory-policy/primary-markets/primary-market-topics/taxation/">Taxation (Primary Markets)</a></li> <li class="item"><a href="/market-practice-and-regulatory-policy/primary-markets/primary-market-topics/other-icma-primary-market-advocacy-materials/">Other ICMA Primary Market Advocacy Materials</a></li> </ul> </li> <li class="item level3 hasChildren"> <a href="/sustainable-finance/the-principles-guidelines-and-handbooks/social-bond-principles-sbp/#"> Primary Market Products <span class="arrow"> ‣ </span> </a> <ul class="children teriary"> <li class="item"><a href="/market-practice-and-regulatory-policy/primary-markets/primary-market-products/bank-capital/">Bank Capital</a></li> <li class="item"><a href="/market-practice-and-regulatory-policy/primary-markets/primary-market-products/infrastructure-financing/">Infrastructure Financing</a></li> <li class="item"><a href="/market-practice-and-regulatory-policy/primary-markets/primary-market-products/islamic_finance/">Islamic Finance</a></li> <li class="item"><a href="/market-practice-and-regulatory-policy/primary-markets/primary-market-products/private-placements/">Private Placements</a></li> <li class="item"><a href="/market-practice-and-regulatory-policy/primary-markets/primary-market-products/retail-structured-products/">Retail Structured Products</a></li> <li class="item"><a href="/market-practice-and-regulatory-policy/primary-markets/primary-market-products/securitisation/">Securitisation</a></li> <li class="item"><a href="/resources-2/Sovereign-Debt-Information/">Sovereign Debt</a></li> <li class="item"><a href="/market-practice-and-regulatory-policy/asset-management/Specific-regulatory-issues/securitisation/">Securitisation (Asset Management Perspective)</a></li> </ul> </li> </ul> </li> </ul> </div> <div class=""> <ul class="items"> <li class="group"> <h3><a href="/market-practice-and-regulatory-policy/secondary-markets/"><span>Secondary Markets</span></a></h3> <ul class="items children"> <li class="item level3 hasChildren"> <a href="/market-practice-and-regulatory-policy/secondary-markets/icmas-rules-and-recommendations-for-the-secondary-market/"> ICMA’s Rules and Recommendations for the Secondary Market <span class="arrow"> ‣ </span> </a> <ul class="children teriary"> <li class="item"><a href="/market-practice-and-regulatory-policy/secondary-markets/icmas-rules-and-recommendations-for-the-secondary-market/icma-consultation-on-the-buy-in-rules/">ICMA Consultation on the Buy-in Rules</a></li> </ul> </li> <li class="item level3 hasChildren"> <a href="/sustainable-finance/the-principles-guidelines-and-handbooks/social-bond-principles-sbp/#"> Secondary Market Practices Committee (SMPC) and related Working Groups <span class="arrow"> ‣ </span> </a> <ul class="children teriary"> <li class="item"><a href="/market-practice-and-regulatory-policy/secondary-markets/secondary-market-practices-committee-smpc-and-related-working-groups/icma-smpc-and-terms-of-reference/">ICMA SMPC and Terms of Reference</a></li> <li class="item"><a href="/market-practice-and-regulatory-policy/secondary-markets/secondary-market-practices-committee-smpc-and-related-working-groups/mifid-ii-r-working-group/">MiFID II/R Working Group</a></li> <li class="item"><a href="/market-practice-and-regulatory-policy/secondary-markets/secondary-market-practices-committee-smpc-and-related-working-groups/csdr-sd-working-group/">CSDR-SD Working Group</a></li> <li class="item"><a href="/market-practice-and-regulatory-policy/secondary-markets/secondary-market-practices-committee-smpc-and-related-working-groups/smpc-secondary-market-rules-and-recommendations/">SMPC - Secondary Market Rules & Recommendations </a></li> <li class="item"><a href="/market-practice-and-regulatory-policy/secondary-markets/secondary-market-practices-committee-smpc-and-related-working-groups/icma-electronic-trading-council-etc/">ICMA Electronic Trading Working Group (ETWG)</a></li> <li class="item"><a href="/market-practice-and-regulatory-policy/secondary-markets/secondary-market-practices-committee-smpc-and-related-working-groups/icma-electronic-trading-council-etc-2/">ICMA Bond Market Liquidity Taskforce</a></li> </ul> </li> <li class="item level3 "> <a href="/market-practice-and-regulatory-policy/secondary-markets/central-bank-corporate-bond-purchase-programmes/"> Central Bank Corporate Bond Purchase Programmes </a> </li> <li class="item level3 hasChildren"> <a href="/sustainable-finance/the-principles-guidelines-and-handbooks/social-bond-principles-sbp/#"> Electronic Trading <span class="arrow"> ‣ </span> </a> <ul class="children teriary"> <li class="item"><a href="/market-practice-and-regulatory-policy/secondary-markets/electronic-trading/icma-electronic-trading-fintech-directory/">ICMA Electronic Trading FinTech Directory</a></li> <li class="item"><a href="/market-practice-and-regulatory-policy/secondary-markets/electronic-trading/icma-industry-guide-to-definitions-and-best-practice-for-bond-pricing-distribution/">ICMA Industry Guide to Definitions and Best Practice for Bond Pricing Distribution</a></li> <li class="item"><a href="/market-practice-and-regulatory-policy/secondary-markets/electronic-trading/papers-and-reports/">Papers and Reports</a></li> <li class="item"><a href="/market-practice-and-regulatory-policy/repo-and-collateral-markets/fintech/common-domain-model-cdm/">Common Domain Model (CDM)</a></li> </ul> </li> <li class="item level3 "> <a href="/market-practice-and-regulatory-policy/repo-and-collateral-markets/t-1-the-shortening-of-standard-settlement-cycles/"> “T+1” – the shortening of standard settlement cycles </a> </li> <li class="item level3 hasChildren"> <a href="/market-practice-and-regulatory-policy/secondary-markets/market-transparency/"> Market Transparency <span class="arrow"> ‣ </span> </a> <ul class="children teriary"> <li class="item"><a href="/market-practice-and-regulatory-policy/secondary-markets/market-transparency/global-overview-of-bond-market-post-trade-transparency-regimes/">Transparency Directory</a></li> <li class="item"><a href="/market-practice-and-regulatory-policy/secondary-markets/market-transparency/consolidated-tape/">Consolidated Tape</a></li> </ul> </li> <li class="item level3 hasChildren"> <a href="/market-practice-and-regulatory-policy/secondary-markets/market-data/"> Market Data <span class="arrow"> ‣ </span> </a> <ul class="children teriary"> <li class="item"><a href="/market-practice-and-regulatory-policy/secondary-markets/market-data/ice-data-traded-volumes/">IG Corporate Bond Traded Volumes (ICE Data Services)</a></li> <li class="item"><a href="/market-practice-and-regulatory-policy/secondary-markets/market-data/euro-government-bond-markets/">Euro Government Bond Markets</a></li> <li class="item"><a href="/market-practice-and-regulatory-policy/secondary-markets/market-data/euro-corporate-bond-markets/">Euro Corporate Bond Markets</a></li> <li class="item"><a href="/market-practice-and-regulatory-policy/secondary-markets/market-data/global-bond-yields/">Global Bond Yields</a></li> </ul> </li> <li class="item level3 hasChildren"> <a href="/sustainable-finance/the-principles-guidelines-and-handbooks/social-bond-principles-sbp/#"> Market Liquidity <span class="arrow"> ‣ </span> </a> <ul class="children teriary"> <li class="item"><a href="/market-practice-and-regulatory-policy/secondary-markets/market-liquidity/bond-market-liquidity-library/">Bond Market Liquidity Library</a></li> <li class="item"><a href="/market-practice-and-regulatory-policy/secondary-markets/market-liquidity/european-commission-expert-group-on-corporate-bond-market-liquidity/">European Commission Expert Group on Corporate Bond Markets</a></li> <li class="item"><a href="/market-practice-and-regulatory-policy/secondary-markets/market-liquidity/studies-and-papers/">ICMA Studies and Papers</a></li> </ul> </li> <li class="item level3 hasChildren"> <a href="/sustainable-finance/the-principles-guidelines-and-handbooks/social-bond-principles-sbp/#"> Secondary Markets Regulation <span class="arrow"> ‣ </span> </a> <ul class="children teriary"> <li class="item"><a href="/market-practice-and-regulatory-policy/secondary-markets/secondary-markets-regulation/mifid-iir/">MiFID II/R</a></li> <li class="item"><a href="/market-practice-and-regulatory-policy/secondary-markets/secondary-markets-regulation/csdr-settlement-discipline/">CSDR Settlement Discipline</a></li> <li class="item"><a href="/market-practice-and-regulatory-policy/secondary-markets/secondary-markets-regulation/fundamental-review-of-the-trading-book-frtb/">Fundamental Review of the Trading Book (FRTB)</a></li> <li class="item"><a href="/market-practice-and-regulatory-policy/secondary-markets/secondary-markets-regulation/marinvestment-recommendations/">MAR/Investment recommendations</a></li> </ul> </li> <li class="item level3 "> <a href="/market-practice-and-regulatory-policy/secondary-markets/euro-safe-assets/"> Euro Safe Assets </a> </li> <li class="item level3 "> <a href="/market-practice-and-regulatory-policy/secondary-markets/archive/"> Archive </a> </li> </ul> </li> </ul> </div> <div class=""> <ul class="items"> <li class="group"> <h3><a href="/market-practice-and-regulatory-policy/repo-and-collateral-markets/"><span>Repo and Collateral Markets</span></a></h3> <ul class="items children"> <li class="item level3 hasChildren"> <a href="/sustainable-finance/the-principles-guidelines-and-handbooks/social-bond-principles-sbp/#"> Legal Documentation <span class="arrow"> ‣ </span> </a> <ul class="children teriary"> <li class="item"><a href="/market-practice-and-regulatory-policy/repo-and-collateral-markets/legal-documentation/global-master-repurchase-agreement-gmra/">Global Master Repurchase Agreement (GMRA)</a></li> <li class="item"><a href="/market-practice-and-regulatory-policy/repo-and-collateral-markets/legal-documentation/icma-gmra-legal-opinions/">ICMA GMRA Legal Opinions</a></li> <li class="item"><a href="/market-practice-and-regulatory-policy/repo-and-collateral-markets/legal-documentation/icma-gmra-clause-library-and-taxonomy/">ICMA GMRA Clause Library and Taxonomy</a></li> <li class="item"><a href="/market-practice-and-regulatory-policy/repo-and-collateral-markets/legal-documentation/master-regulatory-reporting-agreement-mrra/">Master Regulatory Reporting Agreement (MRRA)</a></li> <li class="item"><a href="/market-practice-and-regulatory-policy/repo-and-collateral-markets/legal-documentation/resolution-stays/">Resolution Stays</a></li> <li class="item"><a href="/market-practice-and-regulatory-policy/repo-and-collateral-markets/legal-documentation/icma-faqs-in-relation-to-the-gmra-and-market-turbulence/">ICMA FAQs in relation to the GMRA and market turbulence</a></li> <li class="item"><a href="/market-practice-and-regulatory-policy/repo-and-collateral-markets/legal-documentation/2011-global-master-repurchase-agreement-gmra-protocol-revised-adhering-parties/">2011 Global Master Repurchase Agreement (GMRA) Protocol (Revised) Adhering Parties</a></li> </ul> </li> <li class="item level3 hasChildren"> <a href="/sustainable-finance/the-principles-guidelines-and-handbooks/social-bond-principles-sbp/#"> Repo and Collateral Council and related groups <span class="arrow"> ‣ </span> </a> <ul class="children teriary"> <li class="item"><a href="/market-practice-and-regulatory-policy/repo-and-collateral-markets/icma-ercc-governance/icma-ercc-members/">ICMA European Repo and Collateral Council (ERCC)</a></li> <li class="item"><a href="/market-practice-and-regulatory-policy/repo-and-collateral-markets/icma-ercc-governance/icma-european-repo-and-collateral-committee/">ICMA European Repo and Collateral Committee</a></li> <li class="item"><a href="/market-practice-and-regulatory-policy/repo-and-collateral-markets/icma-ercc-governance/icma-ercc-operations-group/">ICMA ERCC Operations Group</a></li> <li class="item"><a href="/market-practice-and-regulatory-policy/repo-and-collateral-markets/icma-ercc-governance/icma-global-repo-and-collateral-forum-grcf-2/">ICMA Global Repo and Collateral Forum (GRCF)</a></li> </ul> </li> <li class="item level3 hasChildren"> <a href="/sustainable-finance/the-principles-guidelines-and-handbooks/social-bond-principles-sbp/#"> ICMA ERCC Publications <span class="arrow"> ‣ </span> </a> <ul class="children teriary"> <li class="item"><a href="/market-practice-and-regulatory-policy/repo-and-collateral-markets/icma-ercc-publications/icma-ercc-reports/">ICMA ERCC Reports</a></li> <li class="item"><a href="/market-practice-and-regulatory-policy/repo-and-collateral-markets/icma-ercc-publications/frequently-asked-questions-on-repo/">Frequently Asked Questions on Repo</a></li> <li class="item"><a href="/market-practice-and-regulatory-policy/repo-and-collateral-markets/icma-ercc-publications/icma-ercc-position-papers-and-responses-to-public-consultations/">ICMA ERCC Papers and Responses</a></li> <li class="item"><a href="/market-practice-and-regulatory-policy/repo-and-collateral-markets/icma-ercc-publications/icma-ercc-guide-to-best-practice-in-the-european-repo-market/">ICMA ERCC Guide to Best Practice in the European Repo Market</a></li> <li class="item"><a href="/market-practice-and-regulatory-policy/repo-and-collateral-markets/icma-ercc-publications/icma-ercc-recommendations-for-reporting-under-sftr/">ICMA ERCC Recommendations for Reporting under SFTR</a></li> </ul> </li> <li class="item level3 "> <a href="/market-practice-and-regulatory-policy/repo-and-collateral-markets/t-1-the-shortening-of-standard-settlement-cycles/"> “T+1” – the shortening of standard settlement cycles </a> </li> <li class="item level3 hasChildren"> <a href="/market-practice-and-regulatory-policy/repo-and-collateral-markets/market-data/"> Market Data <span class="arrow"> ‣ </span> </a> <ul class="children teriary"> <li class="item"><a href="/market-practice-and-regulatory-policy/repo-and-collateral-markets/market-data/sftr-public-data/">SFTR Public Data</a></li> <li class="item"><a href="/market-practice-and-regulatory-policy/repo-and-collateral-markets/market-data/icma-european-repo-market-survey/">ICMA European Repo Market Survey</a></li> <li class="item"><a href="/market-practice-and-regulatory-policy/repo-and-collateral-markets/market-data/euro-repo-funds-rate/">Euro Repo Funds Rate</a></li> <li class="item"><a href="/market-practice-and-regulatory-policy/repo-and-collateral-markets/market-data/icma-asia-pacific-repo-market-survey/">ICMA Asia-Pacific Repo Market Survey</a></li> </ul> </li> <li class="item level3 hasChildren"> <a href="/sustainable-finance/the-principles-guidelines-and-handbooks/social-bond-principles-sbp/#"> Regulation <span class="arrow"> ‣ </span> </a> <ul class="children teriary"> <li class="item"><a href="/market-practice-and-regulatory-policy/repo-and-collateral-markets/regulation/mifid-ii-r-and-sfts/">MiFID II/R and SFTs</a></li> <li class="item"><a href="/market-practice-and-regulatory-policy/repo-and-collateral-markets/regulation/regulatory-reporting-of-sfts/">SFT Regulation (SFTR)</a></li> </ul> </li> <li class="item level3 hasChildren"> <a href="/sustainable-finance/the-principles-guidelines-and-handbooks/social-bond-principles-sbp/#"> FinTech <span class="arrow"> ‣ </span> </a> <ul class="children teriary"> <li class="item"><a href="/fintech-and-digitalisation/operations-fintech-directory/">ICMA Ops FinTech Mapping Directory</a></li> <li class="item"><a href="/market-practice-and-regulatory-policy/repo-and-collateral-markets/fintech/common-domain-model-cdm/">Common Domain Model (CDM)</a></li> <li class="item"><a href="/market-practice-and-regulatory-policy/repo-and-collateral-markets/fintech/repo-trading-fintech-directory/">Repo Trading FinTech Directory</a></li> </ul> </li> <li class="item level3 "> <a href="/market-practice-and-regulatory-policy/repo-and-collateral-markets/repo-and-sustainability/"> Repo and Sustainability </a> </li> <li class="item level3 hasChildren"> <a href="/sustainable-finance/the-principles-guidelines-and-handbooks/social-bond-principles-sbp/#"> Other Resources <span class="arrow"> ‣ </span> </a> <ul class="children teriary"> <li class="item"><a href="/market-practice-and-regulatory-policy/repo-and-collateral-markets/other-resources/icma-guide-to-asia-repo-markets/">ICMA Guide to Asia Repo Markets</a></li> <li class="item"><a href="/market-practice-and-regulatory-policy/repo-and-collateral-markets/other-resources/latest-icma-repo-news/">Latest ICMA Repo News</a></li> <li class="item"><a href="/market-practice-and-regulatory-policy/repo-and-collateral-markets/other-resources/sanctions-on-russia-considerations-for-repo-and-secondary-trading/">Sanctions on Russia: Considerations for repo and secondary trading</a></li> </ul> </li> </ul> </li> </ul> </div> <div class=""> <ul class="items"> <li class="group"> <h3><a href="/market-practice-and-regulatory-policy/euro-commercial-paper-and-certificates-of-deposit/"><span>Euro Commercial Paper and Certificates of Deposit</span></a></h3> <ul class="items children"> <li class="item level3 "> <a href="/market-practice-and-regulatory-policy/euro-commercial-paper-and-certificates-of-deposit/archive/"> Archive </a> </li> </ul> </li> </ul> </div> <div class=""> <ul class="items"> <li class="group"> <h3><a href="/market-practice-and-regulatory-policy/asset-management/"><span>Asset Management</span></a></h3> <ul class="items children"> <li class="item level3 hasChildren"> <a href="/sustainable-finance/the-principles-guidelines-and-handbooks/social-bond-principles-sbp/#"> ICMA AMIC Councils and Committees <span class="arrow"> ‣ </span> </a> <ul class="children teriary"> <li class="item"><a href="/market-practice-and-regulatory-policy/asset-management/icma-amic-councils-and-committees/amic-committee-composition/">AMIC Committee Composition</a></li> <li class="item"><a href="/market-practice-and-regulatory-policy/asset-management/icma-amic-councils-and-committees/current-active-subcommittees-and-working-groups/">Current Active Subcommittees and Working Groups</a></li> </ul> </li> <li class="item level3 hasChildren"> <a href="/sustainable-finance/the-principles-guidelines-and-handbooks/social-bond-principles-sbp/#"> AMIC Publications <span class="arrow"> ‣ </span> </a> <ul class="children teriary"> <li class="item"><a href="/market-practice-and-regulatory-policy/asset-management/amic-publications/amic-reports/">AMIC Reports and Reviews</a></li> <li class="item"><a href="/market-practice-and-regulatory-policy/asset-management/amic-publications/amic-responses-to-consultations/">AMIC Responses</a></li> </ul> </li> <li class="item level3 hasChildren"> <a href="/market-practice-and-regulatory-policy/asset-management/Specific-regulatory-issues/"> Regulatory Issues <span class="arrow"> ‣ </span> </a> <ul class="children teriary"> <li class="item"><a href="/market-practice-and-regulatory-policy/asset-management/Specific-regulatory-issues/eu-sustainable-finance-disclosure-regulation-sfdr/">EU Sustainable Finance Disclosure Regulation (SFDR)</a></li> <li class="item"><a href="/market-practice-and-regulatory-policy/asset-management/Specific-regulatory-issues/mifid-iir-research-unbundling/">MiFID II/R - Research Unbundling</a></li> <li class="item"><a href="/market-practice-and-regulatory-policy/asset-management/Specific-regulatory-issues/securitisation/">Securitisation</a></li> <li class="item"><a href="/market-practice-and-regulatory-policy/asset-management/Specific-regulatory-issues/other/">Other</a></li> </ul> </li> </ul> </li> </ul> </div> <div class="no-child-nodes"> <h3><a href="/market-practice-and-regulatory-policy/benchmark-reform-and-transition-to-risk-free-rates/"><span>Benchmark Reform and Transition to Risk-free Rates</span></a></h3> </div> <div class="no-child-nodes"> <h3><a href="/market-practice-and-regulatory-policy/capital-markets-union-2/"><span>Capital Markets Union</span></a></h3> </div> <div class="no-child-nodes"> <h3><a href="/market-practice-and-regulatory-policy/international-capital-market-fragmentation/"><span>International Capital Market Fragmentation</span></a></h3> </div> <div class="no-child-nodes"> <h3><a href="/market-practice-and-regulatory-policy/Regulatory-Policy-Newsletter/"><span>ICMA Quarterly Report</span></a></h3> </div> <div class="no-child-nodes"> <h3><a href="/market-practice-and-regulatory-policy/icma-legal-and-regulatory-helpdesk/"><span>ICMA Legal & Regulatory Helpdesk</span></a></h3> </div> <div style="clear: both;"></div> </div> </div> <div class="section sustainable-finance 37653"> <div class="menu-sidebar"> <h3>ICMA serves as Secretariat to the GBP, the SBP, the SBG and the SLBP, providing support while advising on governance and other issues.</h3><p>ICMA also leads numerous other initiatives in sustainable finance. ICMA is at the forefront of the financial industry’s contribution to the development of sustainable finance and in the dialogue with the regulatory and policy community.</p> </div> <div class="menu-primary"> <div class="no-child-nodes"> <h3><a href="/sustainable-finance/the-principles-guidelines-and-handbooks/"><span>The Principles & related guidance</span></a></h3> </div> <div class="no-child-nodes"> <h3><a href="/sustainable-finance/icma-and-other-sustainable-finance-initiatives/"><span>Codes of Conduct for ESG Ratings and Data Products Providers</span></a></h3> </div> <div class="no-child-nodes"> <h3><a href="/sustainable-finance/membership-governance-and-working-groups/"><span>Membership, governance & working groups of the Principles</span></a></h3> </div> <div class="no-child-nodes"> <h3><a href="/sustainable-finance/sustainable-bonds-database/"><span>Sustainable Bond Market Data</span></a></h3> </div> <div class="no-child-nodes"> <h3><a href="/sustainable-finance/regulatory-responses-and-commentary/"><span>Regulatory responses & commentary</span></a></h3> </div> <div class="no-child-nodes"> <h3><a href="/sustainable-finance/other-sustainable-finance-guidance-publications-and-initiatives/"><span>Other sustainable finance guidance, research & initiatives</span></a></h3> </div> <div class="no-child-nodes"> <h3><a href="/sustainable-finance/contacts/"><span>Contacts & Principles Helpdesk</span></a></h3> </div> <div class="no-child-nodes"> <h3><a href="/sustainable-finance/archive/"><span>Archive</span></a></h3> </div> <div style="clear: both;"></div> </div> </div> <div class="section fintech-and-digitalisation 35611"> <div class="menu-sidebar"> <h3>ICMA seeks to mainstream relevant FinTech developments and market electronification through all of its initiatives, activities and fora.</h3><p>FinTech and market electronification are addressed through ICMA’s various committees, working groups and work streams as well as through bilateral discussions with member firms and technology providers.</p> </div> <div class="menu-primary"> <div class=""> <ul class="items"> <li class="group"> <h3><a href="/sustainable-finance/the-principles-guidelines-and-handbooks/social-bond-principles-sbp/#"><span>FinTech Advisory Committee and related groups</span></a></h3> <ul class="items children"> <li class="item level3 "> <a href="/fintech-and-digitalisation/fintech-advisory-committee-and-related-groups/icma-fintech-advisory-committee/"> ICMA FinTech Advisory Committee </a> </li> <li class="item level3 "> <a href="/market-practice-and-regulatory-policy/repo-and-collateral-markets/fintech/common-domain-model-cdm/"> Common Domain Model (CDM) </a> </li> <li class="item level3 "> <a href="/fintech-and-digitalisation/fintech-advisory-committee-and-related-groups/dlt-bonds-working-group/"> DLT Bonds Working Group </a> </li> <li class="item level3 "> <a href="/fintech-and-digitalisation/fintech-advisory-committee-and-related-groups/bond-data-taxonomy/"> Bond Data Taxonomy Working Group </a> </li> <li class="item level3 "> <a href="/market-practice-and-regulatory-policy/secondary-markets/secondary-market-practices-committee-smpc-and-related-working-groups/icma-electronic-trading-council-etc/"> Electronic Trading Council (ETC) </a> </li> <li class="item level3 "> <a href="/fintech-and-digitalisation/fintech-advisory-committee-and-related-groups/artificial-intelligence-in-capital-markets-aicm-working-group/"> Artificial Intelligence in Capital Markets (AICM) Working Group </a> </li> </ul> </li> </ul> </div> <div class=""> <ul class="items"> <li class="group"> <h3><a href="/fintech-and-digitalisation/icma-fintech-directories/"><span>ICMA FinTech Directories</span></a></h3> <ul class="items children"> <li class="item level3 "> <a href="/fintech-and-digitalisation/primary-markets-fintech-directory/"> ICMA Primary Markets FinTech Directory </a> </li> <li class="item level3 "> <a href="/market-practice-and-regulatory-policy/secondary-markets/electronic-trading/icma-electronic-trading-fintech-directory/"> ICMA Electronic Trading FinTech Directory </a> </li> <li class="item level3 "> <a href="/market-practice-and-regulatory-policy/repo-and-collateral-markets/fintech/repo-trading-fintech-directory/"> ICMA Repo Trading FinTech Directory </a> </li> <li class="item level3 "> <a href="/fintech-and-digitalisation/operations-fintech-directory/"> ICMA Operations FinTech Directory </a> </li> <li class="item level3 "> <a href="/fintech-and-digitalisation/icma-distributed-ledger-technology-dlt-regulatory-directory/"> ICMA Distributed Ledger Technology (DLT) Regulatory directory </a> </li> </ul> </li> </ul> </div> <div class=""> <ul class="items"> <li class="group"> <h3><a href="/sustainable-finance/the-principles-guidelines-and-handbooks/social-bond-principles-sbp/#"><span>FinTech resources</span></a></h3> <ul class="items children"> <li class="item level3 "> <a href="/fintech-and-digitalisation/distributed-ledger-technology-dlt/faqs-on-dlt-and-blockchain-in-bond-markets/"> Frequently Asked Questions on DLT and blockchain in bond markets </a> </li> <li class="item level3 "> <a href="/fintech-and-digitalisation/fintech-resources/fintech-publications-consultations-and-reports/"> FinTech Publications, Consultations and Reports </a> </li> <li class="item level3 "> <a href="/fintech-and-digitalisation/fintech-resources/fintech-regulatory-roadmap/"> FinTech Regulatory Roadmap </a> </li> <li class="item level3 "> <a href="/fintech-and-digitalisation/fintech-resources/tracker-of-new-fintech-applications-in-bond-markets/"> Tracker of New FinTech Applications in Bond Markets </a> </li> <li class="item level3 "> <a href="/fintech-and-digitalisation/fintech-resources/fintech-jargon/"> FinTech Glossary </a> </li> <li class="item level3 "> <a href="/fintech-and-digitalisation/fintech-resources/showcase-of-icma-member-fintech-and-software-vendors/"> Showcase of ICMA member FinTech & software vendors </a> </li> </ul> </li> </ul> </div> <div style="clear: both;"></div> </div> </div> <div class="section executive-education 31721"> <div class="menu-sidebar"> <h3>Studying with ICMA</h3><p>ICMA Education has been setting the standard of training excellence in the capital markets for almost five decades with courses covering everything from market fundamentals to latest developments and more.</p><p><a class="sb-button ss-broken" href="/executive-education/about-icma-education/">FIND OUT MORE</a> <a class="sb-button ss-broken" href="https://www.linkedin.com/showcase/icma-education/?viewAsMember=true">LINKEDIN</a> <a class="sb-button ss-broken" href="/executive-education/download-the-icma-education-brochure/">DOWNLOAD THE BROCHURE</a></p><h3>Already studying?</h3><p><a class="sb-button ss-broken" 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href="/market-practice-and-regulatory-policy/primary-markets/primary-market-committees/icma-primary-market-practices-committee/">ICMA Primary Market Practices Committee</a></li> <li class="item"><a href="/market-practice-and-regulatory-policy/primary-markets/primary-market-committees/icma-asia-bond-syndicate-forum/">ICMA Asia Pacific Bond Syndicate Forum</a></li> <li class="item"><a href="/market-practice-and-regulatory-policy/primary-markets/primary-market-committees/icma-legal-and-documentation-committee/">ICMA Legal and Documentation Committee</a></li> <li class="item"><a href="/market-practice-and-regulatory-policy/primary-markets/primary-market-committees/icma-asia-legal-and-documentation-forum/">ICMA Asia Pacific Legal & Documentation Forum</a></li> <li class="item"><a href="/market-practice-and-regulatory-policy/primary-markets/primary-market-committees/public-sector-issuer-forum/">Public Sector Issuer Forum</a></li> <li class="item"><a href="/market-practice-and-regulatory-policy/primary-markets/primary-market-committees/icma-corporate-issuer-forum/">ICMA Corporate Issuer Forum</a></li> <li class="item"><a href="/market-practice-and-regulatory-policy/primary-markets/primary-market-committees/icma-financial-institution-issuer-forum/">ICMA Financial Institution Issuer Forum</a></li> </ul> </li> <li class="group"> <h4><a href="/sustainable-finance/the-principles-guidelines-and-handbooks/social-bond-principles-sbp/#">Primary Market Topics</a></h4> <ul class="children"> <li class="item"><a href="/market-practice-and-regulatory-policy/primary-markets/primary-market-topics/accounting-and-auditing/">Accounting and Auditing</a></li> <li class="item"><a href="/market-practice-and-regulatory-policy/benchmark-reform-and-transition-to-risk-free-rates/">Benchmark Reform and Transition to Risk-Free Rates</a></li> <li class="item"><a href="/market-practice-and-regulatory-policy/primary-markets/primary-market-topics/mifid-ii-r-in-primary-markets/">MiFID II/R in Primary Markets</a></li> <li class="item"><a href="/market-practice-and-regulatory-policy/primary-markets/primary-market-topics/primary-markets-conduct-non-mifid/">Primary Markets Conduct (non-MiFID)</a></li> <li class="item"><a href="/fintech-and-digitalisation/">Electronification</a></li> <li class="item"><a href="/fintech-and-digitalisation/primary-markets-fintech-directory/">Primary Markets Technology Mapping Directory</a></li> <li class="item"><a href="/market-practice-and-regulatory-policy/primary-markets/primary-market-topics/dialogue-with-investors/">Dialogue with Investors</a></li> <li class="item"><a href="/market-practice-and-regulatory-policy/primary-markets/primary-market-topics/initial-disclosure-pd-and-priips/">Prospectuses</a></li> <li class="item"><a href="/market-practice-and-regulatory-policy/primary-markets/primary-market-topics/initial-disclosure-priips-kid/">PRIIPs KIDs</a></li> <li class="item"><a href="/market-practice-and-regulatory-policy/primary-markets/primary-market-topics/retail-access-to-bond-markets/">Retail Access to Bond Markets</a></li> <li class="item"><a href="/market-practice-and-regulatory-policy/primary-markets/primary-market-topics/market-infrastructure-and-asset-servicing/">Market Infrastructure and Asset Servicing</a></li> <li class="item"><a href="/market-practice-and-regulatory-policy/primary-markets/primary-market-topics/market-abuse-regulation-mar/">Market Abuse Regulation (MAR) - Primary Market Aspects</a></li> <li class="item"><a href="/market-practice-and-regulatory-policy/primary-markets/primary-market-topics/periodic-reporting-continuing-obligations/">Periodic Reporting / Continuing Obligations</a></li> <li class="item"><a href="/market-practice-and-regulatory-policy/primary-markets/primary-market-topics/taxation/">Taxation (Primary Markets)</a></li> <li class="item"><a href="/market-practice-and-regulatory-policy/primary-markets/primary-market-topics/other-icma-primary-market-advocacy-materials/">Other ICMA Primary Market Advocacy Materials</a></li> </ul> </li> <li class="group"> <h4><a href="/sustainable-finance/the-principles-guidelines-and-handbooks/social-bond-principles-sbp/#">Primary Market Products</a></h4> <ul class="children"> <li class="item"><a href="/market-practice-and-regulatory-policy/primary-markets/primary-market-products/bank-capital/">Bank Capital</a></li> <li class="item"><a href="/market-practice-and-regulatory-policy/primary-markets/primary-market-products/infrastructure-financing/">Infrastructure Financing</a></li> <li class="item"><a href="/market-practice-and-regulatory-policy/primary-markets/primary-market-products/islamic_finance/">Islamic Finance</a></li> <li class="item"><a href="/market-practice-and-regulatory-policy/primary-markets/primary-market-products/private-placements/">Private Placements</a></li> <li class="item"><a href="/market-practice-and-regulatory-policy/primary-markets/primary-market-products/retail-structured-products/">Retail Structured Products</a></li> <li class="item"><a href="/market-practice-and-regulatory-policy/primary-markets/primary-market-products/securitisation/">Securitisation</a></li> <li class="item"><a href="/resources-2/Sovereign-Debt-Information/">Sovereign Debt</a></li> <li class="item"><a href="/market-practice-and-regulatory-policy/asset-management/Specific-regulatory-issues/securitisation/">Securitisation (Asset Management Perspective)</a></li> </ul> </li> </ul> </li> </ul> </div> <div class="w20 col"> <ul class="items"> <li class="group"> <h3><a href="/market-practice-and-regulatory-policy/secondary-markets/"><span>Secondary Markets</span></a></h3> <div class="arrow"> </div> <ul class="items children"> <li class="group"> <h4><a href="/market-practice-and-regulatory-policy/secondary-markets/icmas-rules-and-recommendations-for-the-secondary-market/">ICMA’s Rules and Recommendations for the Secondary Market</a></h4> <ul class="children"> <li class="item"><a href="/market-practice-and-regulatory-policy/secondary-markets/icmas-rules-and-recommendations-for-the-secondary-market/icma-consultation-on-the-buy-in-rules/">ICMA Consultation on the Buy-in Rules</a></li> </ul> </li> <li class="group"> <h4><a href="/sustainable-finance/the-principles-guidelines-and-handbooks/social-bond-principles-sbp/#">Secondary Market Practices Committee (SMPC) and related Working Groups</a></h4> <ul class="children"> <li class="item"><a href="/market-practice-and-regulatory-policy/secondary-markets/secondary-market-practices-committee-smpc-and-related-working-groups/icma-smpc-and-terms-of-reference/">ICMA SMPC and Terms of Reference</a></li> <li class="item"><a href="/market-practice-and-regulatory-policy/secondary-markets/secondary-market-practices-committee-smpc-and-related-working-groups/mifid-ii-r-working-group/">MiFID II/R Working Group</a></li> <li class="item"><a href="/market-practice-and-regulatory-policy/secondary-markets/secondary-market-practices-committee-smpc-and-related-working-groups/csdr-sd-working-group/">CSDR-SD Working Group</a></li> <li class="item"><a href="/market-practice-and-regulatory-policy/secondary-markets/secondary-market-practices-committee-smpc-and-related-working-groups/smpc-secondary-market-rules-and-recommendations/">SMPC - Secondary Market Rules & Recommendations </a></li> <li class="item"><a href="/market-practice-and-regulatory-policy/secondary-markets/secondary-market-practices-committee-smpc-and-related-working-groups/icma-electronic-trading-council-etc/">ICMA Electronic Trading Working Group (ETWG)</a></li> <li class="item"><a href="/market-practice-and-regulatory-policy/secondary-markets/secondary-market-practices-committee-smpc-and-related-working-groups/icma-electronic-trading-council-etc-2/">ICMA Bond Market Liquidity Taskforce</a></li> </ul> </li> <li class="item level3"><a href="/market-practice-and-regulatory-policy/secondary-markets/central-bank-corporate-bond-purchase-programmes/">Central Bank Corporate Bond Purchase Programmes</a></li> <li class="group"> <h4><a href="/sustainable-finance/the-principles-guidelines-and-handbooks/social-bond-principles-sbp/#">Electronic Trading</a></h4> <ul class="children"> <li class="item"><a href="/market-practice-and-regulatory-policy/secondary-markets/electronic-trading/icma-electronic-trading-fintech-directory/">ICMA Electronic Trading FinTech Directory</a></li> <li class="item"><a href="/market-practice-and-regulatory-policy/secondary-markets/electronic-trading/icma-industry-guide-to-definitions-and-best-practice-for-bond-pricing-distribution/">ICMA Industry Guide to Definitions and Best Practice for Bond Pricing Distribution</a></li> <li class="item"><a href="/market-practice-and-regulatory-policy/secondary-markets/electronic-trading/papers-and-reports/">Papers and Reports</a></li> <li class="item"><a href="/market-practice-and-regulatory-policy/repo-and-collateral-markets/fintech/common-domain-model-cdm/">Common Domain Model (CDM)</a></li> </ul> </li> <li class="item level3"><a href="/market-practice-and-regulatory-policy/repo-and-collateral-markets/t-1-the-shortening-of-standard-settlement-cycles/">“T+1” – the shortening of standard settlement cycles</a></li> <li class="group"> <h4><a href="/market-practice-and-regulatory-policy/secondary-markets/market-transparency/">Market Transparency</a></h4> <ul class="children"> <li class="item"><a href="/market-practice-and-regulatory-policy/secondary-markets/market-transparency/global-overview-of-bond-market-post-trade-transparency-regimes/">Transparency Directory</a></li> <li class="item"><a href="/market-practice-and-regulatory-policy/secondary-markets/market-transparency/consolidated-tape/">Consolidated Tape</a></li> </ul> </li> <li class="group"> <h4><a href="/market-practice-and-regulatory-policy/secondary-markets/market-data/">Market Data</a></h4> <ul class="children"> <li class="item"><a href="/market-practice-and-regulatory-policy/secondary-markets/market-data/ice-data-traded-volumes/">IG Corporate Bond Traded Volumes (ICE Data Services)</a></li> <li class="item"><a href="/market-practice-and-regulatory-policy/secondary-markets/market-data/euro-government-bond-markets/">Euro Government Bond Markets</a></li> <li class="item"><a href="/market-practice-and-regulatory-policy/secondary-markets/market-data/euro-corporate-bond-markets/">Euro Corporate Bond Markets</a></li> <li class="item"><a href="/market-practice-and-regulatory-policy/secondary-markets/market-data/global-bond-yields/">Global Bond Yields</a></li> </ul> </li> <li class="group"> <h4><a href="/sustainable-finance/the-principles-guidelines-and-handbooks/social-bond-principles-sbp/#">Market Liquidity</a></h4> <ul class="children"> <li class="item"><a href="/market-practice-and-regulatory-policy/secondary-markets/market-liquidity/bond-market-liquidity-library/">Bond Market Liquidity Library</a></li> <li class="item"><a href="/market-practice-and-regulatory-policy/secondary-markets/market-liquidity/european-commission-expert-group-on-corporate-bond-market-liquidity/">European Commission Expert Group on Corporate Bond Markets</a></li> <li class="item"><a href="/market-practice-and-regulatory-policy/secondary-markets/market-liquidity/studies-and-papers/">ICMA Studies and Papers</a></li> </ul> </li> <li class="group"> <h4><a href="/sustainable-finance/the-principles-guidelines-and-handbooks/social-bond-principles-sbp/#">Secondary Markets Regulation</a></h4> <ul class="children"> <li class="item"><a href="/market-practice-and-regulatory-policy/secondary-markets/secondary-markets-regulation/mifid-iir/">MiFID II/R</a></li> <li class="item"><a href="/market-practice-and-regulatory-policy/secondary-markets/secondary-markets-regulation/csdr-settlement-discipline/">CSDR Settlement Discipline</a></li> <li class="item"><a href="/market-practice-and-regulatory-policy/secondary-markets/secondary-markets-regulation/fundamental-review-of-the-trading-book-frtb/">Fundamental Review of the Trading Book (FRTB)</a></li> <li class="item"><a href="/market-practice-and-regulatory-policy/secondary-markets/secondary-markets-regulation/marinvestment-recommendations/">MAR/Investment recommendations</a></li> </ul> </li> <li class="item level3"><a href="/market-practice-and-regulatory-policy/secondary-markets/euro-safe-assets/">Euro Safe Assets</a></li> <li class="item level3"><a href="/market-practice-and-regulatory-policy/secondary-markets/archive/">Archive</a></li> </ul> </li> </ul> </div> <div class="w20 col"> <ul class="items"> <li class="group"> <h3><a href="/market-practice-and-regulatory-policy/repo-and-collateral-markets/"><span>Repo and Collateral Markets</span></a></h3> <div class="arrow"> </div> <ul class="items children"> <li class="group"> <h4><a href="/sustainable-finance/the-principles-guidelines-and-handbooks/social-bond-principles-sbp/#">Legal Documentation</a></h4> <ul class="children"> <li class="item"><a href="/market-practice-and-regulatory-policy/repo-and-collateral-markets/legal-documentation/global-master-repurchase-agreement-gmra/">Global Master Repurchase Agreement (GMRA)</a></li> <li class="item"><a href="/market-practice-and-regulatory-policy/repo-and-collateral-markets/legal-documentation/icma-gmra-legal-opinions/">ICMA GMRA Legal Opinions</a></li> <li class="item"><a href="/market-practice-and-regulatory-policy/repo-and-collateral-markets/legal-documentation/icma-gmra-clause-library-and-taxonomy/">ICMA GMRA Clause Library and Taxonomy</a></li> <li class="item"><a href="/market-practice-and-regulatory-policy/repo-and-collateral-markets/legal-documentation/master-regulatory-reporting-agreement-mrra/">Master Regulatory Reporting Agreement (MRRA)</a></li> <li class="item"><a href="/market-practice-and-regulatory-policy/repo-and-collateral-markets/legal-documentation/resolution-stays/">Resolution Stays</a></li> <li class="item"><a href="/market-practice-and-regulatory-policy/repo-and-collateral-markets/legal-documentation/icma-faqs-in-relation-to-the-gmra-and-market-turbulence/">ICMA FAQs in relation to the GMRA and market turbulence</a></li> <li class="item"><a href="/market-practice-and-regulatory-policy/repo-and-collateral-markets/legal-documentation/2011-global-master-repurchase-agreement-gmra-protocol-revised-adhering-parties/">2011 Global Master Repurchase Agreement (GMRA) Protocol (Revised) Adhering Parties</a></li> </ul> </li> <li class="group"> <h4><a href="/sustainable-finance/the-principles-guidelines-and-handbooks/social-bond-principles-sbp/#">Repo and Collateral Council and related groups</a></h4> <ul class="children"> <li class="item"><a href="/market-practice-and-regulatory-policy/repo-and-collateral-markets/icma-ercc-governance/icma-ercc-members/">ICMA European Repo and Collateral Council (ERCC)</a></li> <li class="item"><a href="/market-practice-and-regulatory-policy/repo-and-collateral-markets/icma-ercc-governance/icma-european-repo-and-collateral-committee/">ICMA European Repo and Collateral Committee</a></li> <li class="item"><a href="/market-practice-and-regulatory-policy/repo-and-collateral-markets/icma-ercc-governance/icma-ercc-operations-group/">ICMA ERCC Operations Group</a></li> <li class="item"><a href="/market-practice-and-regulatory-policy/repo-and-collateral-markets/icma-ercc-governance/icma-global-repo-and-collateral-forum-grcf-2/">ICMA Global Repo and Collateral Forum (GRCF)</a></li> </ul> </li> <li class="group"> <h4><a href="/sustainable-finance/the-principles-guidelines-and-handbooks/social-bond-principles-sbp/#">ICMA ERCC Publications</a></h4> <ul class="children"> <li class="item"><a href="/market-practice-and-regulatory-policy/repo-and-collateral-markets/icma-ercc-publications/icma-ercc-reports/">ICMA ERCC Reports</a></li> <li class="item"><a href="/market-practice-and-regulatory-policy/repo-and-collateral-markets/icma-ercc-publications/frequently-asked-questions-on-repo/">Frequently Asked Questions on Repo</a></li> <li class="item"><a href="/market-practice-and-regulatory-policy/repo-and-collateral-markets/icma-ercc-publications/icma-ercc-position-papers-and-responses-to-public-consultations/">ICMA ERCC Papers and Responses</a></li> <li class="item"><a href="/market-practice-and-regulatory-policy/repo-and-collateral-markets/icma-ercc-publications/icma-ercc-guide-to-best-practice-in-the-european-repo-market/">ICMA ERCC Guide to Best Practice in the European Repo Market</a></li> <li class="item"><a href="/market-practice-and-regulatory-policy/repo-and-collateral-markets/icma-ercc-publications/icma-ercc-recommendations-for-reporting-under-sftr/">ICMA ERCC Recommendations for Reporting under SFTR</a></li> </ul> </li> <li class="item level3"><a href="/market-practice-and-regulatory-policy/repo-and-collateral-markets/t-1-the-shortening-of-standard-settlement-cycles/">“T+1” – the shortening of standard settlement cycles</a></li> <li class="group"> <h4><a href="/market-practice-and-regulatory-policy/repo-and-collateral-markets/market-data/">Market Data</a></h4> <ul class="children"> <li class="item"><a href="/market-practice-and-regulatory-policy/repo-and-collateral-markets/market-data/sftr-public-data/">SFTR Public Data</a></li> <li class="item"><a href="/market-practice-and-regulatory-policy/repo-and-collateral-markets/market-data/icma-european-repo-market-survey/">ICMA European Repo Market Survey</a></li> <li class="item"><a href="/market-practice-and-regulatory-policy/repo-and-collateral-markets/market-data/euro-repo-funds-rate/">Euro Repo Funds Rate</a></li> <li class="item"><a href="/market-practice-and-regulatory-policy/repo-and-collateral-markets/market-data/icma-asia-pacific-repo-market-survey/">ICMA Asia-Pacific Repo Market Survey</a></li> </ul> </li> <li class="group"> <h4><a href="/sustainable-finance/the-principles-guidelines-and-handbooks/social-bond-principles-sbp/#">Regulation</a></h4> <ul class="children"> <li class="item"><a href="/market-practice-and-regulatory-policy/repo-and-collateral-markets/regulation/mifid-ii-r-and-sfts/">MiFID II/R and SFTs</a></li> <li class="item"><a href="/market-practice-and-regulatory-policy/repo-and-collateral-markets/regulation/regulatory-reporting-of-sfts/">SFT Regulation (SFTR)</a></li> </ul> </li> <li class="group"> <h4><a href="/sustainable-finance/the-principles-guidelines-and-handbooks/social-bond-principles-sbp/#">FinTech</a></h4> <ul class="children"> <li class="item"><a href="/fintech-and-digitalisation/operations-fintech-directory/">ICMA Ops FinTech Mapping Directory</a></li> <li class="item"><a href="/market-practice-and-regulatory-policy/repo-and-collateral-markets/fintech/common-domain-model-cdm/">Common Domain Model (CDM)</a></li> <li class="item"><a href="/market-practice-and-regulatory-policy/repo-and-collateral-markets/fintech/repo-trading-fintech-directory/">Repo Trading FinTech Directory</a></li> </ul> </li> <li class="item level3"><a href="/market-practice-and-regulatory-policy/repo-and-collateral-markets/repo-and-sustainability/">Repo and Sustainability</a></li> <li class="group"> <h4><a href="/sustainable-finance/the-principles-guidelines-and-handbooks/social-bond-principles-sbp/#">Other Resources</a></h4> <ul class="children"> <li class="item"><a href="/market-practice-and-regulatory-policy/repo-and-collateral-markets/other-resources/icma-guide-to-asia-repo-markets/">ICMA Guide to Asia Repo Markets</a></li> <li class="item"><a href="/market-practice-and-regulatory-policy/repo-and-collateral-markets/other-resources/latest-icma-repo-news/">Latest ICMA Repo News</a></li> <li class="item"><a href="/market-practice-and-regulatory-policy/repo-and-collateral-markets/other-resources/sanctions-on-russia-considerations-for-repo-and-secondary-trading/">Sanctions on Russia: Considerations for repo and secondary trading</a></li> </ul> </li> </ul> </li> </ul> </div> <div class="w20 col"> <ul class="items"> <li class="group"> <h3><a href="/market-practice-and-regulatory-policy/euro-commercial-paper-and-certificates-of-deposit/"><span>Euro Commercial Paper and Certificates of Deposit</span></a></h3> <div class="arrow"> </div> <ul class="items children"> <li class="item level3"><a href="/market-practice-and-regulatory-policy/euro-commercial-paper-and-certificates-of-deposit/archive/">Archive</a></li> </ul> </li> </ul> </div> <div class="w20 col"> <ul class="items"> <li class="group"> <h3><a href="/market-practice-and-regulatory-policy/asset-management/"><span>Asset Management</span></a></h3> <div class="arrow"> </div> <ul class="items children"> <li class="group"> <h4><a href="/sustainable-finance/the-principles-guidelines-and-handbooks/social-bond-principles-sbp/#">ICMA AMIC Councils and Committees</a></h4> <ul class="children"> <li class="item"><a href="/market-practice-and-regulatory-policy/asset-management/icma-amic-councils-and-committees/amic-committee-composition/">AMIC Committee Composition</a></li> <li class="item"><a href="/market-practice-and-regulatory-policy/asset-management/icma-amic-councils-and-committees/current-active-subcommittees-and-working-groups/">Current Active Subcommittees and Working Groups</a></li> </ul> </li> <li class="group"> <h4><a href="/sustainable-finance/the-principles-guidelines-and-handbooks/social-bond-principles-sbp/#">AMIC Publications</a></h4> <ul class="children"> <li class="item"><a href="/market-practice-and-regulatory-policy/asset-management/amic-publications/amic-reports/">AMIC Reports and Reviews</a></li> <li class="item"><a href="/market-practice-and-regulatory-policy/asset-management/amic-publications/amic-responses-to-consultations/">AMIC Responses</a></li> </ul> </li> <li class="group"> <h4><a href="/market-practice-and-regulatory-policy/asset-management/Specific-regulatory-issues/">Regulatory Issues</a></h4> <ul class="children"> <li class="item"><a href="/market-practice-and-regulatory-policy/asset-management/Specific-regulatory-issues/eu-sustainable-finance-disclosure-regulation-sfdr/">EU Sustainable Finance Disclosure Regulation (SFDR)</a></li> <li class="item"><a href="/market-practice-and-regulatory-policy/asset-management/Specific-regulatory-issues/mifid-iir-research-unbundling/">MiFID II/R - Research Unbundling</a></li> <li class="item"><a href="/market-practice-and-regulatory-policy/asset-management/Specific-regulatory-issues/securitisation/">Securitisation</a></li> <li class="item"><a href="/market-practice-and-regulatory-policy/asset-management/Specific-regulatory-issues/other/">Other</a></li> </ul> </li> </ul> </li> </ul> </div> <div class="w20 col"> <h3><a href="/market-practice-and-regulatory-policy/benchmark-reform-and-transition-to-risk-free-rates/"><span>Benchmark Reform and Transition to Risk-free Rates</span></a></h3> </div> <div class="w20 col"> <h3><a href="/market-practice-and-regulatory-policy/capital-markets-union-2/"><span>Capital Markets Union</span></a></h3> </div> <div class="w20 col"> <h3><a href="/market-practice-and-regulatory-policy/international-capital-market-fragmentation/"><span>International Capital Market Fragmentation</span></a></h3> </div> <div class="w20 col"> <h3><a href="/market-practice-and-regulatory-policy/Regulatory-Policy-Newsletter/"><span>ICMA Quarterly Report</span></a></h3> </div> <div class="w20 col"> <h3><a href="/market-practice-and-regulatory-policy/icma-legal-and-regulatory-helpdesk/"><span>ICMA Legal & Regulatory Helpdesk</span></a></h3> </div> </div> <div class="section sustainable-finance"> <div class="w20 col"> <h3><a href="/sustainable-finance/the-principles-guidelines-and-handbooks/"><span>The Principles & related guidance</span></a></h3> </div> <div class="w20 col"> <h3><a href="/sustainable-finance/icma-and-other-sustainable-finance-initiatives/"><span>Codes of Conduct for ESG Ratings and Data Products Providers</span></a></h3> </div> <div class="w20 col"> <h3><a href="/sustainable-finance/membership-governance-and-working-groups/"><span>Membership, governance & working groups of the Principles</span></a></h3> </div> <div class="w20 col"> <h3><a href="/sustainable-finance/sustainable-bonds-database/"><span>Sustainable Bond Market Data</span></a></h3> </div> <div class="w20 col"> <h3><a href="/sustainable-finance/regulatory-responses-and-commentary/"><span>Regulatory responses & commentary</span></a></h3> </div> <div class="w20 col"> <h3><a href="/sustainable-finance/other-sustainable-finance-guidance-publications-and-initiatives/"><span>Other sustainable finance guidance, research & initiatives</span></a></h3> </div> <div class="w20 col"> <h3><a href="/sustainable-finance/contacts/"><span>Contacts & Principles Helpdesk</span></a></h3> </div> <div class="w20 col"> <h3><a href="/sustainable-finance/archive/"><span>Archive</span></a></h3> </div> </div> <div class="section fintech-and-digitalisation"> <div class="w20 col"> <ul class="items"> <li class="group"> <h3><a href="/sustainable-finance/the-principles-guidelines-and-handbooks/social-bond-principles-sbp/#"><span>FinTech Advisory Committee and related groups</span></a></h3> <div class="arrow"> </div> <ul class="items children"> <li class="item level3"><a href="/fintech-and-digitalisation/fintech-advisory-committee-and-related-groups/icma-fintech-advisory-committee/">ICMA FinTech Advisory Committee</a></li> <li class="item level3"><a href="/market-practice-and-regulatory-policy/repo-and-collateral-markets/fintech/common-domain-model-cdm/">Common Domain Model (CDM)</a></li> <li class="item level3"><a href="/fintech-and-digitalisation/fintech-advisory-committee-and-related-groups/dlt-bonds-working-group/">DLT Bonds Working Group </a></li> <li class="item level3"><a href="/fintech-and-digitalisation/fintech-advisory-committee-and-related-groups/bond-data-taxonomy/">Bond Data Taxonomy Working Group</a></li> <li class="item level3"><a href="/market-practice-and-regulatory-policy/secondary-markets/secondary-market-practices-committee-smpc-and-related-working-groups/icma-electronic-trading-council-etc/">Electronic Trading Council (ETC)</a></li> <li class="item level3"><a href="/fintech-and-digitalisation/fintech-advisory-committee-and-related-groups/artificial-intelligence-in-capital-markets-aicm-working-group/">Artificial Intelligence in Capital Markets (AICM) Working Group</a></li> </ul> </li> </ul> </div> <div class="w20 col"> <ul class="items"> <li class="group"> <h3><a href="/fintech-and-digitalisation/icma-fintech-directories/"><span>ICMA FinTech Directories</span></a></h3> <div class="arrow"> </div> <ul class="items children"> <li class="item level3"><a href="/fintech-and-digitalisation/primary-markets-fintech-directory/">ICMA Primary Markets FinTech Directory</a></li> <li class="item level3"><a href="/market-practice-and-regulatory-policy/secondary-markets/electronic-trading/icma-electronic-trading-fintech-directory/">ICMA Electronic Trading FinTech Directory</a></li> <li class="item level3"><a href="/market-practice-and-regulatory-policy/repo-and-collateral-markets/fintech/repo-trading-fintech-directory/">ICMA Repo Trading FinTech Directory</a></li> <li class="item level3"><a href="/fintech-and-digitalisation/operations-fintech-directory/">ICMA Operations FinTech Directory</a></li> <li class="item level3"><a href="/fintech-and-digitalisation/icma-distributed-ledger-technology-dlt-regulatory-directory/">ICMA Distributed Ledger Technology (DLT) Regulatory directory</a></li> </ul> </li> </ul> </div> <div class="w20 col"> <ul class="items"> <li class="group"> <h3><a href="/sustainable-finance/the-principles-guidelines-and-handbooks/social-bond-principles-sbp/#"><span>FinTech resources</span></a></h3> <div class="arrow"> </div> <ul class="items children"> <li class="item level3"><a href="/fintech-and-digitalisation/distributed-ledger-technology-dlt/faqs-on-dlt-and-blockchain-in-bond-markets/">Frequently Asked Questions on DLT and blockchain in bond markets</a></li> <li class="item level3"><a href="/fintech-and-digitalisation/fintech-resources/fintech-publications-consultations-and-reports/">FinTech Publications, Consultations and Reports</a></li> <li class="item level3"><a href="/fintech-and-digitalisation/fintech-resources/fintech-regulatory-roadmap/">FinTech Regulatory Roadmap</a></li> <li class="item level3"><a href="/fintech-and-digitalisation/fintech-resources/tracker-of-new-fintech-applications-in-bond-markets/">Tracker of New FinTech Applications in Bond Markets</a></li> <li class="item level3"><a href="/fintech-and-digitalisation/fintech-resources/fintech-jargon/">FinTech Glossary</a></li> <li class="item level3"><a href="/fintech-and-digitalisation/fintech-resources/showcase-of-icma-member-fintech-and-software-vendors/">Showcase of ICMA member FinTech & software vendors</a></li> </ul> </li> </ul> </div> </div> <div class="section executive-education"> <div class="w20 col"> <h3><a href="/executive-education/online-self-study-courses/"><span>Online Self-Study Courses</span></a></h3> </div> <div class="w20 col"> <h3><a href="/executive-education/financial-market-foundations/"><span>Financial Market Foundations Courses</span></a></h3> </div> <div class="w20 col"> <h3><a href="/executive-education/debt-capital-market/"><span>Debt Capital Markets Courses</span></a></h3> </div> <div class="w20 col"> <h3><a href="/executive-education/fixed-income-trading-and-strategies/"><span>Fixed Income Trading & Strategies Courses</span></a></h3> </div> <div class="w20 col"> <h3><a href="/executive-education/financial-market-operations/"><span>Financial Markets Operations Courses</span></a></h3> </div> <div class="w20 col"> <h3><a href="/executive-education/financial-technology-courses/"><span>Financial Technology courses</span></a></h3> </div> <div class="w20 col"> <h3><a href="/executive-education/repo-and-collateral/"><span>Repo & Collateral Courses</span></a></h3> </div> <div class="w20 col"> <h3><a href="/executive-education/sustainable-finance/"><span>Sustainable Finance Courses</span></a></h3> </div> <div class="w20 col"> <ul class="items"> <li class="group"> <h3><a href="/executive-education/dubai-courses/"><span>Dubai Programmes</span></a></h3> <div class="arrow"> </div> <ul class="items children"> <li class="item level3"><a href="/executive-education/dubai-courses/icma-diploma-in-debt-capital-markets/">Diploma in Debt Capital Markets</a></li> <li class="group"> <h4><a href="/executive-education/dubai-courses/diploma-in-securities-and-derivatives/">Diploma in Securities and Derivatives</a></h4> <ul class="children"> <li class="item"><a href="/executive-education/dubai-courses/diploma-in-securities-and-derivatives/register-your-interest-diploma-in-securities-and-derivatives-2/">Register Your Interest Form | Diploma in Securities and Derivatives</a></li> </ul> </li> </ul> </li> </ul> </div> <div class="w20 col"> <h3><a href="/executive-education/2025-scholarship-programme/"><span>2025 Scholarship Programme</span></a></h3> </div> <div class="w20 col"> <h3><a href="/executive-education/corporate-finance-certificate-training-and-certification-for-corporate-finance-practitioners-in-china/"><span>Corporate Finance Certificate</span></a></h3> </div> </div> <div class="section media-and-market-data"> <div class="w20 col"> <h3><a href="/media-and-market-data/icma-reports-and-papers/"><span>ICMA Reports and Papers</span></a></h3> </div> <div class="w20 col"> <h3><a href="/News/"><span>News</span></a></h3> </div> <div class="w20 col"> <h3><a href="/media-and-market-data/icma-publications-and-services-3/"><span>Market Data</span></a></h3> </div> <div class="w20 col"> <h3><a href="/media-and-market-data/icma-webinars-and-podcasts/"><span>ICMA Webinars & Podcasts</span></a></h3> </div> <div class="w20 col"> <h3><a href="/resources-2/icma-publications-and-services/subscribe-to-mailing-lists/"><span>Subscribe to Mailing Lists</span></a></h3> </div> </div> </div> </div> </div> </div> <div class="pge"> <div class="mw">  <div class="inner "> <div class="breadcrumb"> <ul class=><li><a href="/">Home</a></li><li><a href="/sustainable-finance/">Sustainable Finance</a></li><li><a href="/sustainable-finance/the-principles-guidelines-and-handbooks/">The Principles & related guidance</a></li><li><a href="/sustainable-finance/the-principles-guidelines-and-handbooks/social-bond-principles-sbp/">Social Bond Principles (SBP)</a></li></ul> <div class="printpage"><img src="/themes/bell/images/icon_print_page.gif" onclick="printpage()"/></div> <div class="clr"></div> </div> <div class="content">  <div class="tabbox"> <div class="tabs clr"> <div class="tab selected" data-section="Social-Bond-Principles">Social Bond Principles<div class="arrow"></div></div><div class="tab " data-section="Pre-issuance-Checklist">Pre-issuance Checklist<div class="arrow"></div></div> </div> <div class="box"> <div onclick="handleMobileTabToggle('Social-Bond-Principles')" class="mobile-tab" data-tabclass="Social-Bond-Principles">Social Bond Principles</div><div class="item Social-Bond-Principles show"><p><a rel="noopener" href="/assets/documents/Sustainable-finance/2023-updates/Social-Bond-Principles-SBP-June-2023-220623.pdf" target="_blank"><img src="/assets/Social-Bond-Principles-SBP-June-2023__ResizedImageWzIwMCwyODVd.jpg" alt="Social Bond Principles SBP June 2023" width="200" height="285" class="right ss-htmleditorfield-file image" title="Social Bond Principles SBP June 2023" style="border: 1px solid GoldenRod; margin-left: 10px; margin-right: 10px;"></a>Social bonds are use of proceeds bonds that raise funds for new and existing projects with positive social outcomes. The Social Bond Principles (SBP) seek to support issuers in financing socially sound and sustainable projects that achieve greater social benefits. SBP-aligned issuance should provide transparent social credentials alongside an investment opportunity. By recommending that issuers report on the use of Social Bond proceeds, the SBP promote a step change in transparency that facilitates the tracking of funds to social projects, while simultaneously aiming to improve insight into their estimated impact. The SBP, updated as of <strong>June 2023</strong>, are voluntary process guidelines that recommend transparency and disclosure and promote integrity in the development of the Social Bond market by clarifying the approach for issuance of a Social Bond. The SBP recommend a clear process and disclosure for issuers, which investors, banks, underwriters, arrangers, placement agents and others may use to understand the characteristics of any given Social Bond. The SBP emphasise the required transparency, accuracy and integrity of the information that will be disclosed and reported by issuers to stakeholders through core components and key recommendations.<br><br>For additional information on how to interpret this guidance especially for its practical application for transactions, as well as in the context of market developments, see the <a rel="noopener" href="/sustainable-finance/the-principles-guidelines-and-handbooks/guidance-handbook-and-q-and-a/" target="_blank">Guidance Handbook</a>.<br><br><strong>In June 2022</strong>, Appendix 1 of the SBP was updated to make a distinction between “Standard Social Use of Proceeds Bonds” (unsecured debt obligation) and “Secured Social Bonds” and to provide further guidance on social covered bonds, securitisations, asset-backed commercial paper, secured notes and other secured structures.<br><br>Existing guidance for Social and Sustainability Bonds is applicable for raising capital for social projects to support fragile and conflict states. See the related <a href="https://www.icmagroup.org/assets/SBP-Fragile-and-Conflict-States_27042022.pdf?vid=4">press release</a> and <a href="https://www.icmagroup.org/assets/SBP-Fragile-and-Conflict-States-QA_270422.pdf?vid=4">accompanying Q&A</a> published on 27 April 2022.<br><br><a rel="noopener" href="/assets/documents/Sustainable-finance/2023-updates/Social-Bond-Principles-SBP-June-2023-220623.pdf" target="_blank"><span class="headerMainBlue">The Social Bond Principles (SBP) 2023</span></a><br><br></p><hr><p><br><span class="headerMainBlue">Translations of the Social Bond Principles</span><br><br>Please note that the following translations are related to various SBP editions, therefore the edition that each translation currently refers to is indicated below. Further translations are in progress and are being published here as they become available.<br><br></p><table style="width: 920px; height: 316px;" border="0"> <tbody> <tr> <td valign="top"><a rel="noopener" href="/assets/documents/Sustainable-finance/Translations/Arabic-SBP-2021_06-260122.pdf" target="_blank"><img class="left" title="" src="assets/Flag-of-the-Arab-League-99x66_2.jpg" alt="" width="99" height="66"><br>Arabic<br>اَلْعَرَبِيَّةُ<br>2021 edition</a></td> <td valign="top"><a rel="noopener" href="assets/documents/Regulatory/Green-Bonds/Translations/2018/Bahasa-Malaysia-SBP_2018-06.pdf" target="_blank"><img class="left" style="border: 1px solid lightgrey;" title="" src="assets/Malaysia-143x66_3.jpg" alt="" width="143" height="66"><br>Bahasa Malay<br>Bahasa Melayu Baku<br>2018 edition</a></td> <td valign="top"><a rel="noopener" href="assets/documents/Regulatory/Green-Bonds/Translations/Bulgarian-SBP_2017-06.pdf" target="_blank"><img class="left" style="border: 1px solid lightgrey;" title="" src="assets/Bulgarian-100x66_2.jpg" alt="" width="110" height="66"><br>Bulgarian<br>български<br>2017 edition</a></td> <td valign="top"><a rel="noopener" href="https://www.icmagroup.org/assets/documents/Sustainable-finance/Translations/Chinese-SBP2021-06-030821.pdf" target="_blank"><img class="left" style="border: 1px solid lightgrey;" title="" src="assets/Chinese-99x66.jpg" alt="" width="99" height="66"><br>Chinese<br>中文<br>2021 edition</a></td> <td valign="top"><a rel="noopener" href="https://www.icmagroup.org/assets/documents/Sustainable-finance/Translations/Danish-SBP-2021_06.pdf"><img class="left" style="border: 1px solid lightgrey;" title="" src="assets/Danish-87x66_2.jpg" alt="" width="87" height="66"><br>Danish<br>dansk<br>2021 edition</a></td> <td valign="top"><a rel="noopener" href="assets/documents/Regulatory/Green-Bonds/Translations/2018/Dutch-SBP_2018-06-v2.pdf" target="_blank"><img class="left" style="border: 1px solid lightgrey;" title="" src="assets/Dutch-Netherlands-99x66.jpg" alt="" width="99" height="66"><br>Dutch (Netherlands)<br>Nederlands<br>2018 edition</a></td> <td valign="top"><a rel="noopener" href="assets/documents/Regulatory/Green-Bonds/Translations/2018/Finnish-SBP_2018-06.pdf" target="_blank"><img class="left" style="border: 1px solid lightgrey;" title="" src="assets/Finnish-107x66_3.jpg" alt="" width="107" height="66"><br>Finnish<br>suomi<br>2018 edition</a></td> </tr> <tr> <td valign="top"><a rel="noopener" href="https://www.icmagroup.org/assets/documents/Sustainable-finance/Translations/French-SBP-2021_06.pdf?vid=2"><img class="left" style="border: 1px solid lightgrey;" title="" src="assets/French-99x66_6.jpg" alt="" width="99" height="66"><br>French<br>français<br>2021 edition</a></td> <td valign="top"><a rel="noopener" href="assets/documents/Regulatory/Green-Bonds/Translations/2018/Georgian-SBP_2018-06.pdf" target="_blank"><img class="left" style="border: 1px solid lightgrey;" title="" src="assets/Georgia-99x66.jpg" alt="" width="99" height="66"><br>Georgian<br>ქართული<br>2018 edition</a></td> <td valign="top"><a rel="noopener" href="/assets/documents/Sustainable-finance/Translations/German-SBP-2021_06-030322.pdf" target="_blank"><img class="left" style="border: 1px solid lightgrey;" title="" src="assets/German-110x66.jpg" alt="" width="110" height="66"><br>German<br>Deutsch<br>2021 edition</a></td> <td valign="top"><a rel="noopener" href="assets/documents/Regulatory/Green-Bonds/Translations/2018/Hausa-SBP_2018-06.pdf" target="_blank"><img class="left" style="border: 1px solid lightgrey;" title="" src="assets/Hausa-Nigeria-132x66_2.jpg" alt="" width="132" height="66"><br>Hausa (Nigeria)<br>ḥawsa<br>2018 edition</a></td> <td valign="top"><a rel="noopener" href="assets/documents/Regulatory/Green-Bonds/Translations/2018/Hindi-SBP2018-06.pdf" target="_blank"><img class="left" style="border: 1px solid lightgrey;" title="" src="assets/Hindi-India-99x66_2.jpg" alt="" width="99" height="66"><br>Hindi (India)<br>हिन्दी<br>2018 edition</a></td> <td><a rel="noopener" href="assets/documents/Regulatory/Green-Bonds/Translations/2018/Italian-SBP_2018-06.pdf" target="_blank"><img class="left" style="border: 1px solid lightgrey;" title="" src="assets/Italian-99x66_2.jpg" alt="" width="99" height="66"><br>Italian<br>italiano<br>2018 edition</a></td> <td> <a rel="noopener" href="/assets/documents/Sustainable-finance/Translations/Japanese-SBP-2023-231023.pdf" target="_blank"><img class="left" style="border: 1px solid lightgrey;" title="" src="assets/Japanese-99x66.jpg" alt="" width="99" height="66"><br>Japanese<br>日本語<br>2023 edition</a></td> </tr> <tr> <td valign="top"><a rel="noopener" href="https://www.icmagroup.org/assets/documents/Sustainable-finance/Translations/KoreanSBP2021-06-070921.pdf" target="_blank"><img class="left" style="border: 1px solid lightgrey;" title="" src="assets/_resampled/resizedimage9966-South-Korea.png" alt="" width="99" height="66"><br>Korean<br>한국어<br>2021 edition</a></td> <td valign="top"><a rel="noopener" href="assets/documents/Regulatory/Green-Bonds/Translations/2018/Norwegian-SBP_2018-06.pdf" target="_blank"><img class="left" style="border: 1px solid lightgrey;" title="" src="assets/Norwegian-90x66_2.jpg" alt="" width="90" height="66"><br>Norwegian<br>norsk<br>2018 edition</a></td> <td valign="top"><a rel="noopener" href="assets/documents/Regulatory/Green-Bonds/Translations/2018/Polish-SBP2018-06.pdf" target="_blank"><img class="left" style="border: 1px solid lightgrey;" title="" src="assets/Polish-105x66_2.jpg" alt="" width="105" height="66"><br>Polish<br>polski<br>2018 edition</a></td> <td valign="top"> <a rel="noopener" href="https://www.icmagroup.org/assets/documents/Sustainable-finance/Translations/Portuguese-SBP-2021_06.pdf"><img class="left" title="" src="assets/Portuguese-Brazil-94x66_2.jpg" alt="" width="94" height="66"><br>Portuguese (Brazil)<br>português (Brasil)<br>2021 edition</a></td> <td valign="top"><a rel="noopener" href="assets/documents/Regulatory/Green-Bonds/Translations/Romanian-SBP_2017-06.pdf" target="_blank"><img class="left" title="" src="assets/Romanian-99x66.jpg" alt="" width="99" height="66"><br>Romanian<br>limba română<br>2017 edition</a></td> <td><a rel="noopener" href="/assets/documents/Sustainable-finance/Translations/Russian-SBP-2021_06-090222.pdf" target="_blank"><img class="left" title="" src="assets/Russian-99x66.jpg" alt="" width="78" height="65"></a><a rel="noopener" href="/assets/documents/Sustainable-finance/Translations/Russian-SBP-2021_06-090222.pdf" target="_blank"><br>Russian<br>Русский язык<br>2021 edition</a></td> <td><a rel="noopener" href="https://www.icmagroup.org/assets/documents/Regulatory/Green-Bonds/Translations/2021/Spanish-SBP-2021.pdf?vid=2" target="_blank"><img class="left" title="" src="assets/Spanish-99x66_3.jpg" alt="" width="99" height="66"><br>Spanish<br>español<br>2021 edition</a></td> </tr> <tr> <td valign="top"><a rel="noopener" href="assets/documents/Regulatory/Green-Bonds/Translations/2018/Swedish-SBP_2018-06.pdf" target="_blank"><img class="left" title="" src="assets/Swedish-105x66_2.jpg" alt="" width="105" height="66"><br>Swedish<br>svenska<br>2018 edition</a></td> <td valign="top"> <a rel="noopener" href="https://www.icmagroup.org/assets/documents/Sustainable-finance/Translations/Thai-SBP-2021_06.pdf"><img class="left" title="" src="assets/Thai-99x66.jpg" alt="" width="99" height="66"><br>Thai<br>ภาษาไทย<br>2021 edition</a></td> <td valign="top"> <a rel="noopener" href="https://www.icmagroup.org/assets/documents/Regulatory/Green-Bonds/Translations/2021/Turkish-SBP-2021.pdf?vid=2" target="_blank"><img class="left" title="" src="assets/Turkish-99x66_2.jpg" alt="" width="99" height="66"><br>Turkish<br>Türkçe<br>2021 edition</a></td> <td valign="top"> </td> <td valign="top"> </td> <td> </td> <td> </td> </tr> </tbody> </table></div><div onclick="handleMobileTabToggle('Pre-issuance-Checklist')" class="mobile-tab" data-tabclass="Pre-issuance-Checklist">Pre-issuance Checklist</div><div class="item Pre-issuance-Checklist "><p><a rel="noopener" href="/assets/documents/Sustainable-finance/2023-updates/Pre-issuance-Check-List-for-Social-Bonds-Social-Bond-Programmes-June-2023-220623.pdf" target="_blank"><img src="/assets/Pre-issuance-Check-List-for-Social-Bonds-Social-Bond-Programmes-June-2023__ResizedImageWzIwMCwyODZd.jpg" alt="Pre-issuance Check List for Social Bonds - Social Bond Programmes - June 2023" width="200" height="286" class="right ss-htmleditorfield-file image" title="Pre-issuance Check List for Social Bonds - Social Bond Programmes - June 2023" style="border: 1px solid GoldenRod; margin-left: 10px; margin-right: 10px;">This document</a> aims to function as a pre-issuance checklist for issuers considering issuing Social Bonds and to give guidance on the steps for establishing a Social Bond Framework as recommended by the <a rel="noopener" href="/assets/documents/Sustainable-finance/2023-updates/Social-Bond-Principles-SBP-June-2023-220623.pdf" target="_blank">Social Bond Principles</a> (SBP). Links to the different supporting documents (e.g.,<a rel="noopener" href="/sustainable-finance/the-principles-guidelines-and-handbooks/mapping-to-the-sustainable-development-goals/" target="_blank"> High-Level Mapping to the Sustainable Development Goals</a>, <a rel="noopener" href="/assets/documents/Sustainable-finance/2024-updates/ICMA-Handbook-Harmonised-Framework-for-Impact-Reporting-for-Social-Bonds-September-2024-250924.pdf" target="_blank">Harmonised Framework for Impact Reporting of Social Bonds</a>, etc.) have been inserted for ease of reference. It is intended to be a pragmatic and condensed tool for issuers and for investors. Also included are some common questions that the external review providers may assess pre-issuance. The 2023 version clarifies requirements around target population(s) and includes references to ”just transition” considerations. Issuers are also encouraged to complete the <a rel="noopener" href="/assets/Social-Bond-Information-Template_2023-07-06.docx" target="_blank">Social Bond information template</a> that gives a summary reflecting the main characteristics of a Social Bond, illustrating its key features in alignment with the core components of the SBP. This contributes to market transparency and clarifies issuers’ alignment with the Principles. This helps inform the market participants on a standardised format. Completed templates can be made available on the <a rel="noopener" href="/sustainable-finance/sustainable-bonds-database/" target="_blank">Sustainable bond issuers database</a>.</p><p> </p><p> </p><p> </p><p> </p><p> </p></div> </div> </div> </div> </div> </div> </div> <div class="ftr"> <div class="ftr-col"> <div class="links"> <div class="links-col"> <a href="/">Home</a><br/> <a href="/news">News</a><br/> <a href="/contact">Contacts</a><br/> <a href="/member/">Help</a><br/> <a style="margin-top: 10px;" class="btn blue" href="https://www.icmagroup.org/update-your-preferences/">Subscribe to mailing list</a><br/> </div> <div class="links-col"> <a href="/legal/">Legal information</a><br/> <a href="/privacy-policy/">Privacy, data and cookies</a><br/> <a href="/sitemap/">Sitemap</a><br/> <br/> </div> </div> <div class="contacts"> <div class="contacts-grid"> <div class="cg-col"> <strong>ICMA Zurich</strong><br/> T: <a href="tel:+41 44 363 4222">+41 44 363 4222</a><br/> Dreikönigstrasse 8<br/> 8002 Zurich<br/> <br/> <strong>ICMA London</strong><br/> T: <a href="tel:+44 20 7213 0310">+44 20 7213 0310</a><br/> 110 Cannon Street<br /> London EC4N 6EU<br /> </div> <div class="cg-col"> <strong>ICMA Paris</strong><br/> T: <a href="tel:+33 1 8375 6613">+33 1 8375 6613</a><br/> 25 rue du Quatre Septembre<br/> 75002 Paris<br/> <br/> <strong>ICMA Brussels</strong><br/> T: <a href="tel:+32 2 801 13 88">+32 2 801 13 88</a><br/> Avenue des Arts 56<br/> 1000 Brussels<br/> </div> <div class="cg-col"> <strong>ICMA Hong Kong</strong><br/> T: <a href="tel:+852 2531 6592">+852 2531 6592</a><br/> Unit 3603, Tower 2<br/> Lippo Centre<br/> 89 Queensway, Admiralty<br/> Hong Kong </div> </div> </div> </div> <div class="ftr-col accreditations"> <div class="clr mail" style="padding-top: 10px;text-align: left; 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