ICMA New Standards for CACs and Pari Passu – New Rules for Global Finance Coalition

What We DoSovereign Debt ConsultationICMA New Standards for CACs and Pari Passu

ICMA New Standards for CACs and Pari Passu

Following consultations with its members and other public sector and private sector representatives, International Capital Markets Association (ICMA) has published revised and updated collective action clauses (CACs) and a  new standard pari passu clause for inclusion in the terms and conditions of sovereign debt securities.The use of these new terms in sovereign notes is intended to facilitate future sovereign debt restructurings. 

ICMA STANDARD CACs – August 2014

ICMA STANDARD PARI PASSU PROVISION – August 2014

More information from ICMA on Sovereign Debt can be found here: http://icmagroup.org/resources/Sovereign-Debt-Information/