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Welcome to this month’s highlights from the Lexis®PSL Banking & Finance team which cover the key news updates from May 2016.
As the Brexit debate rages across the nation, LexisNexis has been working with industry experts to cut through the politics and assess the implications for a wide range of legal practice areas, including Banking & Finance.
Download the complete report here.
A new regulation aimed at ensuring greater accuracy and integrity of benchmarks in financial instruments (Benchmark Regulation) has been approved by the European Council. The Benchmark Regulation will introduce new standards of conduct for administrators and contributors of data. The full text of the Benchmark Regulation can be found here.
Following the introduction of the new exemption from UK withholding tax for interest paid on 'qualifying private placements' (the QPP Exemption), the Loan Market Association (LMA) has made a further submission to HMRC. The LMAsubmission requests further clarification on a few points of uncertainty which have arisen since the introduction of the QPP Exemption.
As we previously reported, following the introduction of the QPP Exemption, the LMAupdated its template private placement facility agreement and subscription agreement. In particular, a standard form of creditor certificate was drafted which is expected to become market standard. The LMAhas also noted that the QPP Exemption is an important step in the expansion of the UK private placement market.
To further encourage market adoption, the LMAhas now requested additional information from HMRC to be included within the HMRC Savings and Investment Manual (the Guidance) in relation to:
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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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