Mr Richards, who has been with ICMA since 2005, will take up his new post with immediate effect.

Commenting on this appointment, René Karsenti, ICMA's Executive President said: "Paul's many years of market experience at the highest levels in our industry, combined with his profound understanding of EU financial regulatory matters derived while he was at the Bank of England and the European Commission, fit him ideally to lead ICMA's efforts in representation of the market perspective in particular during the implementation of the various measures in the Financial Services Action Plan."

Mr Richards has over 30 years experience in financial markets. Prior to his move to ICMA in 2005 he spent 8 years at the Bank of England where he specialised in Economic and Monetary Union, the euro and European financial regulation. At the European Commission, he was adviser to the European Single Market Directorate General on the development of the Single Market in financial services in the run-up to the launch of the Financial Services Action Plan from 1995 to 1999. Previously, during a 17 year career as an Executive Director at a leading investment bank he led financial assignments for governments.

Regulatory Policy is central to ICMA's services to its membership and the wider market. The Regulatory Policy team plays a leading role in the industry response to regulatory initiatives including bond market transparency, the Markets in Financial Instruments Directive, the Transparency Directive and primary market issues.