Legal & Regulatory
At the LMA, we continue to lobby regulators and government bodies on behalf of our members in an effort to ensure that any new or revised regulation does not have an adverse impact on the syndicated loan market.
Basel III and the related EU Capital Requirements Directive are likely to impact directly on loan documentation and the lending environment generally, and it is equally possible that legislation being introduced across the globe, particularly in the US, could have direct or indirect consequences for our local market.
There are also likely to be significant changes in accounting principles that will have a material impact on the product, and at the LMA, we will be tracking these developments as they evolve. We will equally monitor other issues, such as changes in European insolvency legislation and tax regulations.
LMA responds to JMLSG consultation on revisions to Parts II and III of its AML and CTF guidance
LMA responds to BEIS call for evidence on a register of beneficial owners of overseas companies that own UK property
LMA responds to the European Commission's consultation on the capital markets union mid-term review 2017
LMA responds to HMRC consultation on its draft guidance on Hybrid and Other Mismatches
LMA responds to the European Commission regarding proposed amendments to Article 55, BRRD
The Insolvency (England and Wales) Rules 2016 (SI 2016/1024) have been laid before Parliament. The 2016 Rules will replace the Insolvency Rules 1986, and its 28 subsequent amendments, to outline the procedural framework for the Insolvency Act 1986 and set out the rules to be followed in the conduct of insolvency proceedings.
Since 6 April 2016, the persons with significant control register regime (PSC Register Regime) has been effective in the UK. Most of its consequences are now settling in the market, but there has been some uncertainty about the consequences for security trustees holding fixed security over shares in a Scottish company. It is now becoming clear that they may need to be recorded on the company's PSC register – and may have an obligation to notify the relevant companies. This Clifford Chance briefing paper discusses the implications.
In 27 April 2017, the LMA published a recommended form of designated entity clause and users guide. We have made available on our website a video interview with Mark Campbell, Partner at Clifford Chance LLP, which considers key aspects of the LMA's designated entity clause.