LMA commentary and developments

This Overview is a guide to the Banking & Finance content within the Loan Market Association (LMA) subtopic, with links to appropriate materials.

What is the LMA?

The Loan Market Association (LMA) acts as the authoritative voice of the syndicated loan market in Europe, the Middle East and Africa. It works with lenders, law firms, borrowers and regulators to educate the market about the benefits of the syndicated loan product, and to remove barriers to entry for new participants.

LMA toolkit

The Loan Market Association (LMA)—toolkit is an interactive guide to the LMA. The toolkit includes links to Practice Notes, checklists and trackers as well as Q&As, JIBFL articles, News Analysis and cases that relate to the LMA and its documentation.

LMA news on documentation

For a summary of the latest news from the LMA on documentation and related topics, see Practice Note:

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Latest Banking & Finance News

MHCLG publishes non-statutory guidance on HSRAs

The Ministry of Housing, Communities and Local Government (MHCLG) has published non-statutory guidance, providing a comprehensive overview of the application and implementation of High Street Rental Auctions (HSRAs), a new power introduced by the Levelling Up and Regeneration Act 2023. The guidance outlines the 22-24 week HSRA process, from initiation to completion, detailing the necessary steps, including the designation of eligible areas and meeting vacancy and local benefit conditions. It is intended for use by local authorities concerned about vacant commercial premises, commercial landlords and their lenders, businesses and community groups seeking commercial space, and commercial agents who may manage a HSRA on behalf of a local authority.

AFME releases report on UK capital markets

The Association for Financial Markets in Europe (AFME) has published its latest report on UK capital markets, reflecting a mixed performance as the UK continues to be a leading global financial hub however, the gap with other markets is closing and the report indicates that UK corporations have sourced a quarter of their funding from public markets over the past three years, with capital markets issuance for non-financial corporations increasing in 2024. Despite long-term trends illustrating notable declines in convertibles, initial public offerings, and follow-on issuances; the UK remains strong in areas like unicorn companies and household savings in capital market instruments with the exception of challenges sourrounding medium-sized enterprise equity risk financing and green bond origination.

RICS announces updated Red Book Global Valuation Standards

The Royal Institution of Chartered Surveyors (RICS) has announced significant updates to its Valuation - Global Standards, known as the Red Book. The new edition, set to take effect on 31 January 2025, includes key upgrades such as: alignment with the latest International Valuation Standards; significant adaptations for fast developing areas such as technology and Environmental Social and Governance considerations; integration of new data on modelling and methods and a reformed format for Valuation Technical and Performance Standards.

FCA publishes updated direction on UK derivatives trading obligation under Article 28a(6) MiFIR

The Financial Conduct Authority (FCA) has published an updated direction modifying the UK's derivatives trading obligation (DTO). It is effective from 31 December 2024. The direction will continue to allow firms subject to the UK DTO, trading with, or on behalf of, EU clients subject to the EU DTO, to transact or execute those trades on EU venues, providing they meet certain conditions. The direction is accompanied by an explanatory note.

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