The LMA has recently become aware of unauthorised activity on an archived copy of its website, which it is in the process of investigating. We understand that names and email addresses of members have been accessed, but not passwords which were protected by encryption, or any other personal data.
As a precautionary measure, we would advise that members change their LMA password and passwords on any sites where they use the same password as for their members' LMA log-in.
Read more to learn how to change your password.
On 11 September 2020, we have published an exposure draft multicurrency term and revolving facilities agreement incorporating rate switch provisions. This exposure draft is based on lookback without observation shift. The Rate Switch Agreement has been published as an exposure draft and does not constitute a recommended form of the LMA. We would request market participants to send us feedback on the Rate Switch Agreement by close of business on 25 September 2020.
On 24 August 2020, we have published a note on the Revised Replacement of Screen Rate Clause and documentary recommendations published by the Working Group on Sterling Risk-Free Reference Rates. The note contains a supplement to the LMA's Revised Replacement of Screen Rate Clause designed to facilitate one means of potential satisfaction of the recommendations (i.e. an agreed process for renegotiation).
Corporate Insolvency and Governance Act 2020
We would like to inform our members that we have reviewed the recently enacted Corporate Insolvency and Governance Act 2020 in the context of our template facility documentation and are not planning any changes at the present time. The position will however be monitored in accordance with any evolving market practice.
The guide provides (a) a description of the package of documents available for claims trades, (b) guidance on when a loan trade should be carried out as a claims trade, (c) an outline of the key provisions of the trading documents that users should be aware of when trading a claims trade and (d) a suggested timeline for a claims trade.
On 17 September 2020, we held our Annual General Meeting by way of conference call in accordance with the new regulations set out in Schedule 14 of the Corporate Insolvency and Governance Act 2020. We elected a new Director and re-elected Directors who were required to retire by rotation (or by virtue of the fact that they were appointed as Interim Directors). Amongst other matters, members also adopted new articles of association.
LMA publishes an exposure draft multicurrency rate
switch facility agreement
LMA publishes a revised version of the German law Facility Agreement for Real Estate Finance Multiproperty Investment Transactions and Supplemental Users Guide
LMA publishes a revised version of the German law Investment Grade Facilities Agreement and Supplemental Users Guide
LMA responds to UK HM Revenue & Customs consultation and the accompanying draft guidance on taxation impacts arising from the withdrawal of LIBOR
LMA publishes note on revised replacement of screen rate clause containing additional supplement
Note on Coronavirus Large Business Interruption Loan Scheme (CLBILS) and Intercreditor Considerations
DAC6 and LMA recommended forms of facility documentation
Update to Senior/Mezzanine Facility Agreement Drafting Guide for Real Estate Finance Transactions
During this current crises, a key area where we are changing the way we deliver our services is, naturally, our events and training programme.
Since April we have produced a substantial number of webinars and virtual events/panel discussions. All this content can be viewed on demand on "LMA Player", our new video and audio recording hub. We are also delighted to be delivering our LMA Syndicated Loans Conference this year in a new exciting virtual format.
E-learning course comprised of 10 modules providing an overview of the syndicated loan market.
As part of the co-operation between the LMA, LSTA, APLMA and also ICMA, each of their forms of bail-in clause 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.
Loan Market Insight