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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 2017.
The Prudential Regulation Authority (PRA) has sent a ‘Dear CEO’ letter, from deputy governor and PRA CEO Sam Woods, to firms on contingency planning for the UK’s withdrawal from the EU. The letter is relevant to banks, insurers and designated investment firms undertaking cross-border activities between the UK and the rest of the EU. This includes, for example, subsidiaries of US investment banks based in the UK doing business in the EU under passporting arrangements, as well as UK banks doing the same, and branches of institutions from other EU Member States operating in London.
The Loan Market Association (LMA) has published a recommended form of designated entity clause for use in its senior facilities agreement for leveraged acquisition finance transactions (senior/mezzanine) and the recommended form of syndicated facility agreements.
The LMA's recommended form of designated entity clause was developed in response to demand from the syndicated lending market to provide a recommended form of clause allowing a lender to nominate affiliates to participate in loans in place of the lender. These types of mechanics have often been labelled 'designated entity clauses' and were originally developed to address potential difficulties connected with lending into individual jurisdictions on a case-by-case basis.
The clause which has now been published by the LMA has been produced in response to concerns that lenders may lose their passporting rights as a result of Brexit. It is intended to provide additional flexibility in allowing Lenders to comply with current or future licensing requirements without a Lender having to either: (i) consider at the outset of a transaction the extent to which its lending commitment should be divided
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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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