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    The Loan Market Association (LMA) has as its key objective improving liquidity, efficiency and transparency in the primary and secondary syndicated loan markets in Europe, the Middle East and Africa.
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What's New

CC briefing: Upcoming EU restrictions on contractual auditor controls – implications for loan documentation

Lenders seek to monitor their borrower's performance over the lifetime of a lending transaction. Fundamental to this is an analysis of a borrower's audited annual accounts. These are helpful only if properly audited and lenders frequently seek to control the auditor's identity by using so called auditor clauses, particularly on riskier credits. These give lenders comfort as to the quality of the auditors and typically require the borrower to use either specified audit firms or one otherwise approved by the lenders. Upcoming EU legislation will mean that such clauses in their current form will be banned and become unenforceable. This briefing by Clifford Chance examines the ban and considers the likely consequences for loan facility documentation.

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. 

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:

  1. 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
  2. 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.