On 2 May 2024, we published an updated guidance note in relation to the Directive on Administrative Cooperation (commonly known as "DAC6"). This follows a consultation on 28 March 2023 whereby the rules implementing DAC6 in the UK were repealed and replaced with The International Tax Enforcement (Disclosable Arrangements) Regulations 2023 (the "Regulations").

The guidance note covers the applicability of both regimes.

We are pleased to have published the LMA’s Sustainability Coordinator Letter (the SC Letter).

The SC Letter is intended to provide a starting point for negotiation where a sustainability coordinator is to be appointed on a sustainable lending transaction. 

The SC Letter is aligned with the Draft Provisions for Sustainability-Linked Loans published on 4 May 2023.

Given that the sustainability coordinator role is continuing to develop, the SC Letter will be kept under review and updated periodically as required. 

Our new flagship event, FutureLend 2024, is intended to empower and inspire young lenders and bankers with a shared passion for finance.

Offering a fantastic opportunity to network with senior industry professionals and to explore topics ranging from new technologies and innovations to diversity in the finance industry, FutureLend 2024 will help you to plan and develop your career.

Improving efficiency, particularly around settlement times, in the primary and secondary loan markets continues to be one of the key goals of the LMA and its members.

Working with members of the Board from both the buy and sell side, the Board have approved a recommended timeline for settlement of primary leveraged loan syndication, incorporating fault based delayed settlement compensation. 

The timeline seeks to address the delays occurring by providing a set of recommended timings for key steps in the syndication process and where the recommended settlement time is not met, the introduction of a fault based delayed settlement compensation mechanism. 

The Building Safety Act 2022 (BSA), which came into force 1 April 2023, is primarily intended to improve the design, construction and management of higher-risk buildings in England and Wales in the wake of the Grenfell Tower fire in 2017. The BSA is the most wide-ranging and comprehensive legislative reform affecting the built environment in decades.

Our new guidance note includes a number of key points for consideration for bank and non-bank lenders, and their advisors, when using the LMA’s template real estate finance facility documentation in circumstances where the BSA may apply.