Monthly Highlights: February 2018

Monthly Highlights: February 2018

Welcome to this month’s highlights from the Lexis®PSL Banking & Finance team which cover the key news updates from February 2018.

Brexit

AFME and Clifford Chance publish Brexit FAQs on wholesale financial services contracts

The Association for Financial Markets in Europe (AFME), together with Clifford Chance, has published FAQs on the potential operational and documentation impacts of Brexit on banking customers’ contractual activities. As banks begin implementing their Brexit contingency plans, clients are likely to see impacts in respect of existing cross-border contracts and will be required to put in place arrangements for new business following Brexit. The FAQs address questions such as which clients may be in scope, which contracts may be affected, how they may be impacted and consequential operational impacts that need to be considered.

Lending

Commission study makes recommendations to promote EU private placements

The European Commission has published a study on the development of the private placement of debt in the EU. The main objectives of the study are to identify best practices for and assess potential regulatory obstacles to the development of private placement markets in the EU. The study was carried out for the Commission by the Boston Consulting Group and Linklaters LLP.

Lending Standards Board to review standards of lending practice for personal customers

The Lending Standards Board (LSB) has opened a review of the standards of lending practice for personal customers. The LSB is seeking input from registered firms, industry bodies, consumer and debt bodies, and other relevant parties whose work may interact with its own to help it consider whether further updates to the standards are required. Responses must be received by 30 March 2018.

LMA has published guide to handling ancillary facilities

The Loan Market Association (LMA) has published an agent’s guide to handling ancillary facilities, which seeks to

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About the author:

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.