FAQs

News

Jan 5, 2017
In order to be compliant with new web security standards EMMI and STEP websites are now in HTTPS protocol.
Should you have any issue accessing the sites or the data please do not hesitate to contact us

Jan 4, 2017
A new label has been granted:
Johnson Controls International plc euro-commercial paper prorgamme – STEP ID 0002940

Information Corner

Home » FAQs

Frequently Asked Questions: All the answers to your questions

Unable to download or print the programme pdf file ?

If you do not see your PDF toolbar at the top or at the bottom of the open pdf file (in your browser tab), please follow these steps to download or print the file:

  • right-click anywhere on the file open in your browser
  • a dialog box will appear
  • the "Save as" and "Print" options will be available

Definition

The Short-Term European Paper (STEP) initiative aims to foster the integration of the European markets for short-term paper through the convergence of market standards and practices. Integration will enhance market depth and liquidity and increase the diversification opportunities for issuers (both financial and non-financial institutions) and investors.

STEP Institutional Framework: Who is implementing the initiative?

a. STEP Market Committee Monitors market developments and establishes and reviews the market standards on which the STEP label is based. The STEP Market Committee may amend the provisions of the Convention in accordance with the terms of the Code of Conduct of the STEP Market Committee (the “Code of Conduct”). The STEP Market Committee also provides guidance on the appropriate and consistent interpretation of the Convention.
b. STEP Secretariat for the day-to-day management of the STEP label; to grant, withhold or withdraw the STEP label on the basis of the criteria and requirements in the STEP Market Convention; to make available the electronic format of the information memoranda of STEP-labeled programmes and related information on the STEP website; to provide certain data to the ECB and the eligible data providers to produce STEP statistics; to act as the secretariat to the STEP Market Committee; and to administer the STEP Market website.

What is the STEP Market Convention?

The STEP Market Convention lays down the criteria which short-term paper programmes must fulfill to be STEP-compliant and the procedures for granting and withdrawing the STEP label.

Does the issuance of a STEP labelled paper increase in any way the administrative burden of the issuer?

Not at all. But for the inclusion of the programme in the STEP statistics, it is necessary that the issuer immediately informs the relevant issuing and paying agent(s), securities settlement system(s) [SSSs] and dealer(s) that the STEP label has been granted to the programme.

What are the advantages for issuers to have a STEP Label?

  • Label of visibility and transparency
  • Eligibility for ECB market operations
  • Requirement to list ECPs on NYSE Euronext
  • Publication of weekly statistics by ECB and on the STEP website
  • Limited cost for establishing the information memorandum
  • Promotion of short term European market in Europe through a convergence of existing markets
  • Potential disadvantage in case of not being involved (STEP is a must-have)

What are the advantages for investors to have a STEP Label?

  • Transparency, frequency of update and user friendly documentation via a standard presentation designed by banking issuers
  • CP with STEP label is eligible as money market instrument
  • All information of all issuers are available via the STEP web page - Access to the webpage is anonymous, free of access and all the process is monitored by Euribor-EBF with the logistical support of ECB for data collection and computations
  • Statistics on the STEP market provide a unique feature to gauge their credit exposure toward a programme, whatever the programme type is
  • Promotion of short-term European market in Europe through a convergence of existing markets
  • Commitments are followed by the STEP Secretariat which monitors the granting of the label

Where information of the market volumes can be found?

Both on the STEP website and the European Central Bank's website

What documents are needed when applying for a STEP label the first time?

Consult the "Apply/Renew" section of the STEP Website.

How to apply for a STEP label?

Consult the "Apply/Renew" section of the STEP Website.

When is the programme STEP-compliant?

In order to obtain and maintain the STEP label for a European short-term paper programme, the issuer, the features of the programme and the Notes issued under the programme must comply with the requirements of the STEP Market Convention, including its Annexes.

What does it mean to "renew a label"?

Consult the "Apply/Renew" section of the STEP Website.

When does a renewal of label occur?

Consult the "Apply/Renew" section of the STEP Website.

What documents are to be submitted in order to renew a label and be still STEP-compliant?

Consult the "Apply/Renew" section of the STEP Website.

How to renew an existing STEP label?

Consult the "Apply/Renew" section of the STEP Website.

What are the conditions for a withdrawal?

The STEP Secretariat may withdraw the STEP label granted to a programme:

  • either on the initiative of the STEP Secretariat or at the issuer’s request;
  • if the issuer does not comply with the Info Memorandum regular update rule (every 3 years) or with the exceptional update rule;
  • if the issuer(s), the SSS or the eligible data provider fails to comply with the STEP Market Convention;
  • In case of non-payment of the STEP contribution.
    • The withdrawn programme shall immediately be removed from the list of STEP-labeled programmes.
      If the withdrawal of the STEP label is made at the request of an issuer, this shall be specified on the STEP website.

How the Issuer(s) can alert the STEP Secretariat of his/her withdraw request?

Send an email to secretariat@step-market.org with in the subject field:
“Request for Withdrawal – STEP ID #... – Name of the Programme". In the body of the e-mail, please state the reasons for your request.

How to contact the STEP Secretariat?

Please refer yourself to the Contact webpage.

What is the role of the STEP Secretariat?

  • for the day-to-day management of the STEP label;
  • to grant, withhold or withdraw the STEP label on the basis of the criteria and requirements in the STEP Market Convention;
  • to make available the electronic format of the information memoranda of STEP-labeled programmes and related information on the STEP website;
  • to provide certain data to the ECB and the eligible data providers to produce STEP statistics;
  • to act as the secretariat to the STEP Market Committee; and
  • to administer the STEP Market website.

On-line directory configuration

The on-line directory is composed of:

A. One consolidated table showing:
  • Programme Name
  • Programme Type
  • Label granted date
  • Information Memorandum date
  • STEP ID

B. Access to the programme documents and specific data

Each programme name is a link to the following data:

  • One set of Documents (IM, Annual Reports, ...)
  • ...

    STEP takes reasonable measures to ensure the quality and accuracy of the information on this Website. However, STEP cannot be held liable in any way for the inaccuracy or incompleteness of any information that is available on or through this Website. In addition, none of the Parties can in any way be held liable or responsible for the content of any Website linked to this Website.