Brexit

Working to address any issues impacting the loan market

Brexit

Working to address any issues impacting the loan market

Brexit

On 31 January 2020, the UK officially ceased to be a Member State of the European Union. This follows approval by the UK and EU Parliament of the Withdrawal Agreement, which sets out arrangements for the UK's transition out of the EU and during which time, EU law continues to apply in the UK. The EU and the UK have until 31 December 2020, the end of the transition period provided for by the Withdrawal Agreement, to negotiate an agreement on their future relationship.

The LMA will be closely following developments in this regard and will work to address any issues which could impact the loan market. The LMA will continue to work closely with and on behalf of its members across EMEA and beyond on issues which create the potential for the loan market to be adversely affected.

Latest News

LMA publishes three new Brexit-related documents

The LMA has published a note entitled "Documentary implications of the end of the Brexit transition period for LMA facility Documentation" ("Brexit Note") which consolidates and updates the earlier Brexit notes published in September 2016 and April 2019, as well as two EU legislative references destination tables. The Brexit Note and destination tables are intended to provide participants in the syndicated loan market with prior notice of the changes that will be made by the LMA to its English law facility documentation to take account of the end of the Brexit transition period.

The EU-UK future relationship – what happens after Brexit?

The UK officially ceased to be a Member State of the European Union at midnight CET on 31 January 2020. This marked a major milestone in a process that started on 23 June 2016, when a majority of the UK's population voted to leave the EU. It follows approval by the UK and EU Parliament, on 23 and 29 January respectively, which sets out arrangements for the UK's transition out of the EU (the "Withdrawal Agreement").

Brexit delivered: the European Union (Withdrawal Agreement) Act 2020

This briefing looks at the changes to the European Union (Withdrawal Agreement) Act 2020 following the victory of the Conservative Party at the recent UK general election and their potential impact on the course of Brexit. The Act contains significant changes from the Bill that was introduced in the last Parliament where the Government had no majority.

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We have published a paper which seeks to emphasise the number of regulatory issues which could arise in a lending context as a result of a "no deal" scenario, and the negative repercussions that this would create for the wider EU economy.