Jacqui Allen
Jacqui Allen heads the London office of Mandel Katz & Brosnan. Jacqui's practice focuses on the secondary loan trading markets and providing advice on the legal issues relating to the purchase and sale of distressed assets. Jacqui has been actively involved in the loan trading market since 1997 and has had extensive experience in various types of high-yield transactions throughout the world, including the purchase and sale of distressed and par loans, trade claims and loan restructurings. In addition, Jacqui concentrates on representing banks, hedge funds and other financial institutions that purchase and sell distressed assets in emerging and established markets in Europe, Asia and Australia.
Practice Area
Panel
- Contributing Author
Qualified Year
- 1993
Membership
- Member of the secondary documentation committee of the Loan Market Association
Qualification
- LLB Hons (1988)
Education
- London School of Economics & Political Science (1985-1988)
6 Contributions by Jacqui Allen
PRACTICE NOTES
Information asymmetry and confidentiality in secondary loan trading: regulation, information barriers, 'Big Boy' provisions, LSTA/AIMA guidance, FCA Principles and EU NPL disclosure regime
STOP PRESS:
The Loan Market Association (LMA) has issued refreshed editions of the standard terms and conditions for Par and Distressed Trade Transactions, the full and complete sets of Funded Participation and Risk Participation Agreements, and the Secondary Debt Trading Documentation User Guide; all of which take effect from 17 March 2026. The changes include the deletion of LIBOR references, updates to IBOR rate definitions and the Target2 definition, and revised ERISA representations that incorporate further exemptions from the prohibited transaction rules under ERISA and the US Internal Revenue Code. The revised documentation is accessible to LMA members only via the LMA’s Documentation Hub.
Is loan trading on the secondary market a regulated activity? The UK position
The use of information within the UK loan secondary debt market remains somewhat unclear. The UK regulatory framework oversees firms that deliver services to clients connected to ‘financial instruments’ and the markets where those instruments are traded. Loans are not treated as ‘financial instruments’ (commonly taken to include shares, bonds, units in collective investment schemes and derivatives) nor as ‘transferable securities’ (generally viewed as securities that are negotiable on the capital markets or admitted to trading on a regulated market). However, loan-related structured...
Banking & Finance
PRACTICE NOTES
Loan Market Association secondary debt trading documents explained: confidentiality, trade confirmations, par, distressed and claims trades; transfers, assignments, funded and risk sub-participations (with 2026 updates)
STOP PRESS:
The Loan Market Association (LMA) has issued revised editions of the standard terms and conditions for Par and Distressed Trade Transactions, the complete suite of Funded Participation and Risk Participation Agreements, and the Secondary Debt Trading Documentation User Guide, effective from 17 March 2026. The changes include the removal of LIBOR references, updates to IBOR rate definitions and the Target2 definition, and refreshed ERISA representations incorporating additional exemptions from the prohibited transaction rules under ERISA and the US Internal Revenue Code. The refreshed materials are available exclusively to LMA members via the LMA’s Documentation Hub. In the London market, secondary debt trades are commonly documented using the LMA’s recommended form documents. The LMA’s secondary debt trading suite was developed to standardise and simplify the sale of loan assets and to establish a consistent settlement process. The use of common documentation also bolsters liquidity in the secondary loan market. These documents act as a negotiation baseline and should be adapted as necessary to meet the particular requirements of a transaction...
Banking & Finance
PRACTICE NOTES
Loan sub-participation: structures, key risks, and LMA documentation for par/distressed trades (2026 updates)
STOP PRESS: The Loan Market Association (LMA) has released refreshed editions of the standard terms and conditions for Par and Distressed Trade Transactions, the complete set of Funded Participation and Risk Participation Agreements, and the Secondary Debt Trading Documentation User Guide, with all changes taking effect from 17 March 2026. The changes cover deletion and removal of LIBOR references, detailed amendments to IBOR rate definitions and to the Target2 definition, together with revised ERISA representations that incorporate further exemptions from the prohibited transaction rules under ERISA and the US Internal Revenue Code. The refreshed documents are accessible exclusively to LMA members via the LMA’s Documentation Hub. Sub-participation enables a lender to pass its exposure in a loan to another entity. Within the loan market, it functions as an alternative to assignment or novation. For information on loan transfers in a lending context, see Practice Note: Introductory guide to loan transfers. This Practice Note:
sets out what is meant by funded sub-participation, risk-participation and credit default swaps
examines in greater depth the key consideration when entering into a sub-participation, and
reviews the recommended form Loan Market Association (LMA) sub-participation agreement for par/distressed trades
What is meant by sub-participation?...
Banking & Finance
PRACTICE NOTES
Practitioners’ guide to LMA par and distressed secondary loan trading: settlement, Delayed Settlement Compensation, BISO, interest, transfers/participations, representations, indemnities, tax and insolvency termination
STOP PRESS:
The Loan Market Association (LMA) has issued revised and updated editions of the standard terms and conditions for Par and Distressed Trade Transactions, the complete set of Funded Participation and Risk Participation Agreements, and the Secondary Debt Trading Documentation User Guide, effective from 17 March 2026. Changes comprise the elimination of LIBOR mentions, updates to IBOR rate definitions and to the Target2 definition, together with refreshed ERISA representations that incorporate further exemptions to the prohibited transaction rules under ERISA and the US Internal Revenue Code. These materials are available solely to LMA members via the LMA’s Documentation Hub. In London, secondary debt trades are generally recorded using recommended-form documents produced by the Loan Market Association (LMA), and this Practice Note proceeds on the basis that the parties to the secondary trade have agreed to use those forms for documenting their transaction. For further detail and context, please see Practice Note: Overview of the key documentation in a typical secondary debt trade. The LMA has also released a Guide to Secondary Loan Market Transactions and a Guide to Claims Trading, both accessible to subscribers on the LMA website...
Banking & Finance
CHECKLISTS
English law LMA par secondary loan trades: pre-trade due diligence and settlement guide (transfer criteria, RFR/IBOR interest and DSC, KYC, tax, regulatory, sub-participations, BISO)
STOP PRESS
The Loan Market Association (LMA) has released refreshed editions of the standard terms and conditions for Par and Distressed Trade Transactions, the complete set of Funded Participation and Risk Participation Agreements, and the Secondary Debt Trading Documentation User Guide, with effect from 17 March 2026. The changes remove LIBOR references, update IBOR rate definitions and the Target2 definition, and revise ERISA representations to incorporate additional exemptions to the prohibited transaction rules under ERISA and the US Internal Revenue Code. The revised documentation is available exclusively to LMA members, accessible via the LMA’s Documentation Hub. These publications are updated versions issued by the LMA.
Summary
A core principle of trading under the LMA protocol is that ‘Trade is a Trade’; i.e. once a trade is struck—including an oral contract agreed by telephone—it is binding, and subsequent developments, even if adverse to one or both parties, do not entitle either party to cancel or ‘break’ the trade. By way of example, a failure to secure consent for an assignment or novation of the debt does not mean the trade is broken...
Banking & Finance
CHECKLISTS
LMA distressed secondary bank debt/claims: pre-trade due diligence and key elections on transfers, settlement, interest, DSC, unfunded commitments, tax/regulatory issues (including 2026 updates)
STOP PRESS:
The Loan Market Association (LMA) has issued refreshed versions of the standard terms and conditions for Par and Distressed Trade Transactions, the complete suite of Funded Participation and Risk Participation Agreements, and the Secondary Debt Trading Documentation User Guide, all coming into force on 17 March 2026. Changes comprise the deletion of LIBOR references, updates to IBOR rate definitions and the Target2 definition, plus revised ERISA representations that fold in further exemptions to the prohibited transaction rules under ERISA and the US Internal Revenue Code. The new materials are accessible solely to LMA members via the LMA’s Documentation Hub.
Summary
A core principle of trading under the LMA protocol is that ‘a Trade is a Trade’: once a trade is concluded (which may include an oral agreement reached by telephone), it is binding, and later events that may disadvantage one or both parties do not permit either side to rescind or ‘break’ it. For instance, not securing consent for an assignment or novation of the debt does not render the trade void...
Banking & Finance
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