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LMA revisions to Chapter 17 of the JMLSG Guidance on the prevention of money laundering and the financing of terrorism in the UK financial services industry go live on JMLSG website
More than 12 months on from the publication of a consultation by JMLSG in 2017 on proposed revisions to Parts II and III of its guidance on the prevention of money laundering and the financing of terrorism in the UK financial services industry (the "Guidance"), Chapter 17, which relates specifically to syndicated lending and which has been re-written by the LMA, has now been approved and published by the JMLSG board.
LMA launches Green Loan Principles (GLP)
The GLP have been developed by an experienced working party, consisting of representatives from leading financial institutions active in the green loan market, with a view to promoting the development and integrity of the green loan product.
LMA and ACT Guide - The future of LIBOR: what you need to know
The LMA and the ACT have produced a joint guide on LIBOR benchmark reform. The Guide is intended to provide an overview of developments and key issues with respect to the proposed transition away from LIBOR benchmarks. We hope that this Guide provides a useful resource for members and have made it available in both pdf and powerpoint format should members wish to use the materials for presentation purposes (whether internally or to clients).
Global Administrative Details Form released
The LMA and LSTA have together launched a standard Administrative Details Form ("ADF") to be used in transactions globally. Whilst not all fields will be relevant to every transaction, it is hoped this template will constitute a market standard for communicating key administrative details.
LMA publishes revised Replacement of Screen Rate clause
The LMA has published an updated version of the optional "Replacement of Screen Rate" clause that has been included in the Primary Documents and the Leveraged documents since November 2014. The Revised Replacement of Screen Rate Clause was developed in order to facilitate further flexibility than the existing clause allows in light of uncertainty over the future of LIBOR and other benchmark rates.
Working group on euro risk-free rates releases first public consultation on euro risk-free rates
The ECB has published a press release announcing the publication of the euro risk-free rate ("RFR") working group's first public consultation on potential successors to EONIA. The working group has identified three rates which "possessed characteristics that could potentially qualify them to become the selected euro risk free rate" and are now asking for market feedback for discussions around recommending a new euro risk-free rate. The working group plans to make its recommendation on the new euro risk-free rate in autumn 2018 and the deadline for submitting comments to the consultation is 17.00 CET on 13 July 2018.
Spotlight on the LMA ECA Buyer Credit Facility Agreement
This video interview with Clare Dawson, Chief Executive of the LMA, and Massimo Schirò, Legal Affairs Director at SACE, considers the new LMA recommended form of ECA Buyer Credit Facility Agreement.
Recent LMA Submissions
LMA responds to EU Proposal for a Directive on credit servicers, credit purchasers and the recovery of collateral
LMA responds to EU Proposal for a Regulation on the law applicable to the third-party effects of assignments of claims
LMA responds to EMMI Consultation Paper EURIBOR Hybrid Methodology
