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Welcome to this month’s highlights from the Lexis®PSL Banking & Finance team which cover the key news updates from April 2016.
The Loan Market Association (LMA) has amended its recommended Standard Terms and Conditions for Par and Distressed Trade Transactions (the Standard Terms and Conditions) to incorporate language dealing with withholding on US source FDAP income where required under the Foreign Account Tax Compliance Act of 2009 (FATCA). In certain limited circumstances, this could include accrued interest.
A new Condition 29.4 (FATCA withholding) has been included in the Standard Terms and Conditions to deal with these amendments. It provides that each party to the trade documents: (i) must provide information relating to its FATCA status to the other parties and, (ii) has the right to withhold any amounts it is required to withhold on account of FATCA. As a result, it should no longer be necessary for trading counterparties to refer to the historic LMA FATCA Riders (published in July 2013) in trade confirmations. The LMA's Secondary Trading Documentation User Guide has also been amended to reflect the changes to the Standard Terms and Conditions.
The revised documents went live on Wednesday, 20 April 2016. Members can access these on the LMA website.
The new exemption from UK withholding taxes on payments of interest on 'qualifying private placements' (QPPs) came into force on 1 January 2016 as a result of the Qualifying Private Placement Regulations 2015. These regulations set out the conditions for an unlisted debt instrument to be considered a QQP.
The Loan Market Association (LMA) has now amended its template private placement facility agreement and subscription agreement to address the new exemption.
LMA members can access the updated documentation and an explanation of the changes on the LMA's website.
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Neeta has been working as a paralegal in Banking and Insolvency for the past 4 and a half years.
She started her legal career at Allen & Overy in 2008 in the midst of the global financial crisis and the collapse of Lehmans where she gained most of her experience.
Neeta also did a short stint in litigation at the Revenue and Customs Prosecutions Office. Neeta graduated with a 2:1 honours degree from University of London, Queen Mary College and went on to obtain a distinction from the College of Law in the Legal Practice Course. She moved to Lexis®PSL in April 2013.
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