Working Group on Euro Risk-Free Rates consults on draft EONIA to €STR Legal Action Plan
The Working Group on Euro Risk-Free Rates has published a public consultation on an EONIA legal action plan.
The EONIA legal action plan addresses two events: (i) the proposed change to the methodology for computing EONIA on 2 October, whereby it will become €STR plus a spread; and (ii) the discontinuation of EONIA at the end of 2021. It covers legacy and new contracts referencing EONIA in different asset classes (derivative transactions, collateral agreements and cash products). There are sections in the action plan covering syndicated loans.
The consultation closes on 12 June 2019 (17:00 CET).
LIBOR Lowdown - Developments in Benchmark Replacement
Video of the LIBOR session from the joint LMA/LSTA Conference on 6 March 2019 in London. Speaking are Kam Mahil, Director, Legal, at the LMA and Tess Virmani, Senior Vice President and Associate General Counsel, at the LSTA.
Brexit and LMA Documentation Update
The LMA is aware of the publication of the UK's legislation which is intended to "onshore" EU law with effect from 29 March in the event that the UK leaves the EU without an agreed transition period. As is the case with any potential change in legislation, the LMA is not planning to make any changes to its English law documentation before any proposed change in English law actually takes effect.
The LMA is in the process of considering appropriate changes to be made to the relevant legislative references in its documentation in the event that the UK's onshoring legislation becomes effective on 29 March. If the UK's onshoring legislation becomes effective on 29 March, the LMA's intention is to publish a table of those suggested changes on or about that date so as to release them to members as soon as possible. Those changes will then be incorporated into its documentation suite over the following weeks.
Sustainability Linked Loan Principles
The LMA, together with the APLMA and LSTA, has
launched the Sustainability Linked Loan Principles (SLLP).
Brexit – UK Parliament rejects Withdrawal Agreement for third time. What happens next?
The UK Government has failed to secure the approval by the House of Commons of the Withdrawal Agreement on its third attempt. The UK will now leave the EU with "no deal" on 12 April 2019 unless an alternative route is found. This briefing by Clifford Chance sets out the next steps, possible alternatives and their implications.
Recent LMA Documentation
LMA releases note on U.S. QFC Stay Rules and syndicated loans
LMA releases guidance note on recent developments relating to the future of EONIA
New version of the LMA's German Law Multicurrency Term and Revolving Facility Agreement
Guidance note: United States and European Union sanctions
Recent LMA Submissions
LMA responds to the second public consultation on determining an ESTER-based term structure methodology as a fallback in EURIBOR-linked contracts
LMA responds to ESMA on the technical standards on disclosure requirements under Securitisation Regulation
LMA responds to PRA Consultation Papers CP25/18 and CP26/18
LMA responds to FCA Consultation Paper 18/36 - Brexit: Proposed changes to the Handbook and Binding Technical Standards - second consultation
Updated Data Protection Privacy Notice (20 May 2019)
We have updated our Data Protection Privacy Notice on 20 May 2019. The following changes have been made: (i) clarification of the basis on which event delegate lists may be disclosed to speakers, event sponsors and exhibitors; and (ii) update to the list of service providers to whom personal data may be disclosed to include Cvent, ServonDesign and Zkipster (further details of the services they provide to the LMA are set out in the notice). Click here to view the updated notice.
