Monthly Highlights: September 2018

Monthly Highlights: September 2018

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

Brexit

Brexit no deal—impact on insolvency

On 13 September 2018, the government issued guidance on its stance on handling civil legal cases that involve EU countries should the UK leave the EU without agreement (see ‘Handling civil legal cases that involve EU countries if there’s no Brexit Deal’). This would involve the majority of the Recast Regulation on Insolvency, Regulation (EU) 2015/848, being repealed in all parts of the UK. News Analysis: Brexit no deal—impact on insolvency discusses the government’s stance in more detail.

LMA produces supplementary note on documentary implications of Brexit for LMA facility documentation

The Loan Market Association (LMA) first produced a note in September 2016 on the documentary implications of Brexit for LMA facility documentation (the 2016 Brexit Note). The LMA has now produced a supplementary note to inform members of market discussions/concerns in this area (the Supplementary Note). The Supplementary Note does not replace the 2016 Brexit Note, but rather it is intended to be read in conjunction with it.

Members can log into the LMA website with their username and password to view the Supplementary Note. For a summary of the Supplementary Note, click here.

Lending

LMA adds three new documents to desktop series

The LMA has published three additional documents to its desktop series—fees, prepayments and breaks.

The Desktop series was launched in May 2018 and can be found on the LMA Loan Operations Microsite.

LMA members can login to access the documents and the full series here.

LIBOR

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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.