Monthly Highlights: September 2017

Monthly Highlights: September 2017

Welcome tothis month’s highlights from the Lexis®PSL Banking & Finance team which cover the key news updates from September 2017.

Brexit

CLLS response toInsolvency Service—implications of Brexit

The City of London Law Society (CLLS) insolvency law committee has written a letter to the Insolvency Service on the implications of Brexit. The background tothe letter is the government's service of its Article 50 notice, the Brexit White Paper and the recently introduced European Union (Withdrawal) Bill (the Bill). The letter notes that whilst the Bill suggests that existing EU regulations will be incorporated into English law, a ‘hard’ Brexit would mean that the UK would lose the benefit across the EU of the mutual recognition provisions in Council Regulation (EU) 2015/848 of 20 May 2015 on insolvency proceedings (the Recast Regulation).

Lending

LMA publishes revised secondary documents following changes toERISA

The Loan Market Association (LMA) has updated documents from its secondary debt trading suite, including revised T&C’s which reflect changes tothe US Employee Retirement Income Security Act of 1974 (ERISA), as well as revised participation agreements and the secondary debt trading documentation users guide.

The revised documents—updated toreflect changes toERISA, among other reasons—include:

  1. T&Cs—with revisions tothe delayed settlement compensation and settlement calculation
  2. participation agreements—transfer provisions are revised toallow the grantor tocarry out its ‘know your customer’ checks on the new participant before being required tosign a transfer certificate
  1. secondary debt trading documentation user’s guide—revisions made toreflect the amends as above

The documents went live on 25 September 2017. Members can view the changes on the LMA website.

CLLS guide on scope of opinion letters updated

The City of London Law Society (CLLS) has updated its guide to the questions which a law firm should consider when seeking or

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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.