LMA April Monthly Update
For the latest legal & regulatory news, regulatory submissions, briefing notes and upcoming LMA events.
LMA Private Placement WHT exemption
members will already be aware, a new exemption from UK withholding taxes on
payments of interest on qualifying private placements came into force on 1
January 2016. We have therefore updated both
our template private placement facility agreement and subscription agreement to
address the new exemption.
Article 55, BRRD: Contractual recognition of bail-in
Video interview with Mark Campbell, Partner at Clifford Chance LLP, on the Article 55, BRRD requirement. The interview includes commentary on the LMA recommended form of bail-in clause and also considers the impact of the PRA announcement of its modification by consent of the contractual recognition of bail-in rules.
LMA publishes recommended form of contractual recognition of bail-in clause
The LMA has published a recommended form of clause for use in loan documentation to the extent required by Article 55 of the EU Bank Recovery and Resolution Directive 2014/59 ("BRRD") relating to contractual recognition of bail-in.
As part of the co-operation between the LMA, LSTA, APLMA and also ICMA, each of their forms of bail-in clause (in the case of ICMA,
the clause set out in the ICMA AAM v1 New York law schedule) refer to a common EU Bail-In Legislation Schedule, which has been prepared by the LMA, in order to describe the relevant national implementation legislation and write-down and conversion powers. Click here to view the EU Bail-In Legislation Schedule.
LMA members should click the grey arrow to view the LMA recommended form of clause and users guide.
Sponsor/Exhibitor at LMA Syndicated Loans Conference
The LMA's 8th annual conference is taking place on 7 September at the QEII Conference Centre in Westminster, London. Sponsorship is open to law firms, rating agencies and service providers. There are some minor sponsorship packages still available as well as the opportunity to exhibit.