Monthly Highlights: June 2017

Monthly Highlights: June 2017

Welcome to this month’s highlights from the Lexis®PSL Banking & Finance team which cover the key newsupdates from June 2017.

Lending

FCA issues Policy Statement on prohibition of banks’ restrictive contractual clauses

The Financial Conduct Authority (FCA) has published a policy statement, PS17/13: Investment and corporate banking: prohibition of restrictive contractual clauses, which sets out rules to ban clauses that restrict competition without being clearly beneficial to clients. A particular cause of concern is when banks use clauses in contracts, mandates or engagement letters that oblige clients to award or offer future primary market services to that bank. According to the FCA, such clauses can restrict a client’s choice in future transactions.

Loan Market Association updates

LMA urges JMLSG to rethink revisions to guidance on money laundering and terrorist financing

The Loan Market Association (LMA) has raised a number of concerns with the wording of the revisions to Parts II and III of the Joint Money Laundering Steering Group’s (JMLSG) guidance on the prevention of money laundering and the financing of terrorism in the UK financial services industry. The LMA was responding to a consultation by the JMLSG on the revisions to the guidance which reflect the provisions of the proposed new Money Laundering Regulations published by HM Treasury on 15 March 2017. The new Money Laundering Regulations are being put in place to implement the Fourth Money Laundering Directive (MLD4).

The LMA response raises a number of concerns with the wording of the guidance, in particular that it does not sufficiently consider the practical impact of anti-money laundering and counter-terrorist financing processes with respect to syndicated lending activity, nor the fact that deals will differ quite materially with regards to money laundering risk.

LMA revises secondary trading terms and conditions

The LMA has released revised secondary trading T&Cs without the pricing panel mechanism for resolving disputes over the

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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.