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This month's highlights for Banking & Finance—June 2014

This month's highlights for Banking & Finance—June 2014
Published on: 30 June 2014
Published by: LexisPSL
  • This month's highlights for Banking & Finance—June 2014
  • Don't miss from June 2014...
  • Foreign Account Tax Compliance Act (FATCA)
  • Implementation of some of the FATCA rules—1 July 2014
  • Loan Market Association (LMA) publishes new note on FATCA
  • FATCA and the financial services sector
  • LMA developments
  • LMA updates its guide to 'Insolvency in the Loan Market'
  • LMA publishes a Glossary of Terms for Transfers of Interests in Loans
  • LMA launches intercreditor agreement for real estate finance
  • More...

Article summary

June 2014 highlights from the Lexis®PSL Banking & Finance team. This month’s highlights include (1) updates on the 1 July implementation date for the Foreign Account Tax Compliance Act (FATCA), including (i) details of the provisions coming into effect, (ii) announcements from the Loan Market Association (LMA) on FATCA and (iii) analysis from Rob Bridson, a partner in PwC LLP's UK financial services business, about the implications of the implementation of FATCA within the UK for the financial services sector, (2) new guides from the LMA—(i) a new guide to ‘Insolvency in the Loan Market’ and (ii) a new Glossary of Terms for Transfers of Interests in Loans, (3) the Association of Corporate Treasurers (ACT) publishes a supplement to its 'Guide to LMA Loan Documentation for Investment Grade Borrowers', (4) the City of London Law Society (CLLS) asks for clarification on whether 'loan agreement' falls within the meaning of 'debenture', (5) the minutes of the May 2014 meeting of the CLLS’s Financial Law Committee are published, (6) the Secured Transaction Law Reform Project holds a conference on secured transaction reform, (7) Rod MacLeod and Hamish Patrick of Tods Murray LLP consider the potential implications of Scottish independence for the banking and finance sector in Scotland, (8) the Department for Business Innovation and Skills starts a consultation on the implementation of the Cape Town Convention, (9) the Baltic and International Maritime Council (BIMCO) announces that electronic bills of lading are to have the same status as paper bills of lading, (10) the Chancellor announces that Britain is set to become the first western nation to issue a sovereign Islamic bond, (11) the Infrastructure Bill is announced in the Queen's Speech, (12) the House of Commons publishes a new report on PF2, (13) proposals announced to expand the Export Credits Guarantee Department's powers, (14) the LMA launches a new recommended form of intercreditor agreement for real estate finance, (15) the European Securities and Markets Authority (ESMA) censures Standard & Poor's for internal control failings, (16) the Luxembourg Stock Exchange announces that it will provide free access to published prospectuses on its website for potential investors, (17) Kevin Ingram, a partner and specialist in debt securitisation at Clifford Chance, considers the role a revived securitisation market can have in financing the real economy in Europe, (18) European Commodity Clearing (ECC) receives EMIR authorisation from the German regulator, BaFin, (19) ESMA publishes updated Q&As on the implementation of EMIR, (20) the International Swaps and Derivatives Association (ISDA) publishes an Amendment to Section 2(a)(iii) of the 1992 and 2002 ISDA Master Agreements to enable a party to stop making payments and deliveries to the other party if the other party is in default or is subject to a potential event of default, and Guy Usher, a partner in the derivatives group at Fieldfisher, looks at what the amendment will mean in practice, (21) the LMA holds an early evening seminar on sanctions issues in loan transactions, (22) useful information for Banking & Finance lawyers from the LexisPSL Restructuring & Insolvency, Financial Services, Corporate Crime and Commercial teams, (23) details of new and upcoming content on the LexisPSL Banking & Finance site, (24) the latest Legal Ease article published in the Butterworths Journal of International Banking & Financial Law, (25) a selection of interesting journal articles from the LexisNexis portfolio and (26) key dates to look out for in July 2014 or take a trial to read the full analysis.

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