LMA announces plans to automate syndicated loan documentation26 March 2020
The LMA is pleased to announce that, after a comprehensive tender process and in recognition of the growing demand from its membership, the organisation has entered into a memorandum of understanding alongside Allen & Overy and Avvoka, outlining its intention to develop a documentation automation platform in respect of certain LMA recommended form documents, as well as other ancillary services.
This is a progressive new area of activity for the LMA, and one which it is excited about being able to offer to its membership in due course.
Clare Dawson, Chief Executive of the LMA said:
"As technology becomes an increasingly prominent feature in our working lives, we believe that it is incumbent upon us as a leading industry body to continue to find new ways to make delivering the loan product more efficient. Never has this been more important than in the current uncertain environment, where remote working and use of electronic tools is likely to become vital to the successful conclusion of loan market transactions".
"This is an exciting new venture for our organisation, which we believe will benefit a large proportion of our membership, irrespective of institution type, size, sectoral focus or geographical location. We look forward to working with Allen & Overy and Avvoka as well as with our membership to ensure a relevant, valued and highly beneficial automation platform."
More details about the platform and the services to be provided will be made available in the coming weeks.