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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...

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...

The report observes that the main factor behind the widening productivity gulf between the EU and the US — which began in the mid‑1990s — is Europe’s missed chance to harness the first internet‑led digital revolution, both by founding new tech companies and by diffusing digital technologies throughout the broader economy. Spotlight on digital technologies Draghi’s analysis notes that, stripping out the tech industry, EU productivity over the last twenty years is broadly on a par with the US. However, Europe trails in the breakthrough technologies set to underpin future growth. Since 2017, about 70% of foundational AI models have originated in the US, and just three American hyperscalers capture more than 65% of the global as well as the European cloud markets, the report states. In practice, the EU cloud services market has largely slipped to US-based providers. Quantum computing is flagged as the next major wave of innovation, yet the Italian statesman adds that none of the ten leading technology companies investing in this field is...

On 8 July 2024, the Treasury, the Department for Levelling Up, Housing and Communities (DLUHC) and the Department for Energy Security and Net Zero issued a joint policy statement on onshore wind (the Policy Statement), anchored by a pledge to ‘double onshore wind energy by 2030’. It outlined immediate steps to lift the de facto restriction on onshore wind in England and to amend planning policy so that onshore wind is treated on a par with other energy development in the NPPF. That same day, Rachel Reeves, the Chancellor of the Exchequer, delivered a speech underscoring the central role of planning reform in the government’s programme to rebuild Britain’s economy (see: LNB News 08/07/2024 24), declaring an end to the ‘absurd ban on new onshore wind in England’ and launching a consultation on reinstating onshore wind within the nationally significant infrastructure projects regime. Background Since 2015, a single objection from local residents could, in practice, halt new onshore wind planning applications, resulting in a ‘de facto’ prohibition on...

In this issue: Practice and procedure Domestic abuse Private children Public children Financial provision International children Daily and weekly news alerts Updated content Useful information Practice and procedure Family Procedure Rules 2010 Practice Direction Update No 6 of 2025 Family Procedure Rules 2010 (FPR 2010), Practice Direction (PD) Update No 6 of 2025 has been published introducing a new PD 27A, superseding the existing FPR 2010, PD 27A on the assembling and lodging of bundles, coming into force on 2 March 2026. The revised PD 27A accelerates the timetable for preparing and lodging the bundle; save for the preliminary documents, the bundle must now be filed five working days before the hearing, rather than two. The Update also makes changes to eight other PDs. See News Analysis: Family Procedure Rules 2010 Practice Direction Update No 6 of 2025. Budget 2025—Private Client analysis The Chancellor of the Exchequer, Rachel Reeves,...

This Practice Note summarises the principal factors and illustrative calculations for deciding whether to elect under section 425 or section 431 of the Income Tax (Earnings and Pensions) Act 2003 (ITEPA 2003), or to make no election, on acquiring restricted securities. For further background, see the following Practice Notes: What are restricted securities? Restricted securities—tax treatment and joint elections Guidance on making a valid restricted security election The question of whether a section 425 or section 431 election (or no election) should be made is examined using the example set out below. Factual background An incoming director of a private company pays £100 to subscribe for 100 shares in the company at par, provided as a ‘golden hello’. If, within five years of acquisition, the director does not meet specified performance conditions, resigns voluntarily, or is dismissed (including, but not limited to, for misconduct), the director must transfer the shares to a designated shareholder for an amount equal to the...

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 ...

This Practice Note provides a concise digest of the most recent news from the Loan Market Association (LMA) on LMA documentation and associated topics. It is reviewed and updated monthly, covering developments from January 2016. For LMA news before that period, reaching back to early 2013, see Practice Note: Loan Market Association (LMA)—news on documentation [Archived]. All updates mentioned here were first issued on the LMA website (full access requires a subscription). This Practice Note does not report on French law, German law or Spanish law documentation, nor the African loan documentation relating to South Africa, East Africa and Nigeria. General and announcements (LMA latest news on documentation) For earlier LMA announcements (from before January 2016 back to early 2013), see: Announcements (LMA news archive). 16/02/2026: The LMA has released updated standard terms and conditions for Par and Distressed Trade Transactions, the full suite of Funded Participation and Risk Participation Agreements, and the Secondary Debt Trading Documentation User Guide. The revised terms and conditions come...

Reasons for believing employee may not have had equality of terms I contend my terms are not on a par with my comparators. I hold the role of [ insert claimant’s job ] yet am paid less than comparators who are [ insert comparator’s job ]. At my workplace, other [ insert claimant’s job ] are almost entirely [ female OR male ]. The comparators, being [ insert comparators’ job ], are wholly [ male OR female ]. They are awarded productivity bonuses that are not given to [ insert claimant’s job ]. Alternatively, I serve as [ insert claimant’s job ]; my immediate predecessor was [ male OR female ], and I understand [ he OR she OR they ] received a superior remuneration package to mine, including bonuses. Comparators Provide the names or job titles of the selected comparators. Other questions Include any additional questions. Entitlement to claim Do you acknowledge that I am an [ employee OR public...