LMA April Monthly Update
The LMA's April Monthly Update is now out summarising the latest legal & regulatory news and with updates on recent LMA initiatives.
CC briefing: Update on the situation in Ukraine
Over the last few months, events in Ukraine have been changing rapidly. While the political, diplomatic and security responses to these events will continue to play out, the legal implications should also be considered. This briefing by Clifford Chance sets out some of the complex legal issues which have arisen, or may arise in the near future, as a result of these recent events.
Pending EU legislation prohibiting auditor clauses in loan agreements
Within the next few weeks, the European Parliament and Council are likely to adopt an Audit Directive and Regulation reforming the provision of statutory audit services within the EU. The proposed Directive and the Regulation both contain provisions effectively prohibiting any contractual clause (including in any loan agreement) restricting an entity's choice to certain categories or lists of statutory auditors or audit firms to carry out the statutory audit of that entity. Once the legislation enters into effect, any such clauses in existing contracts will be deemed null and void.
Revised LMA Secondary Debt Trading Documentation
Following conclusion of a "Plainer English" review, revised LMA Standard Terms & Conditions for Par and Distressed Trade Transactions have been produced. These revised Terms & Conditions went live on 3 March 2014. All trades subject to LMA terms agreed prior to that date will be on the basis of existing Terms & Conditions (dated 14 May 2012). All trades subject to LMA terms agreed on or subsequent to 3 March 2014 will be on the basis of these revised Terms & Conditions.
LMA publishes notes on LIBOR Transition
The LMA has published the following notes on LIBOR transition:
- An LMA note discussing the impact of LIBOR transition to ICE on the currently published LMA LIBOR definitions. This note attaches the ICE press release; and
- An LMA note discussing the impact of LIBOR transition to ICE on the legacy LMA LIBOR definitions. This note attaches the ICE press release and a note of advice from Antony Zacaroli QC and Clifford Chance LLP.