The AML continued to issue additional precedents to reflect demand and market developments. Standard forms now exist for priority covered bond transactions and for transactions in priority bonds and high-yield bonds, reflecting the large number of transactions financed in part or in full by high-yield bonds. As regards the possible replacement of LIBOR from 2021, the LMA relies on a number of working groups in pounds sterling, euros and Swiss francs and is in active dialogue with the Bank of England and the FCA to ensure the representation of the interests of the credit market. The LMA also responded to relevant consultations, such as the consultation paper of the Working Group on Risk-Free Reference Rates for SONIA Long-Term Reference Rates (“TSRs”), the public consultation on the definition of a STR-based method of term structure as a method of evasion for CONTRACTS related to EURIBOR and the US consultation on the language of the repayment contract for syndicated commercial loans. Given the importance of a coherent approach in financial markets, the LMA also brought together relevant professional organisations in financial markets to exchange knowledge and market developments and discuss a new coordinated approach. The LMA cooperates in particular with the other credit trading associations (LSTA and APLMA) as well as with ICMA, ISDA, AFME and others. The ACT is also involved in this group in order to guarantee the contribution of the borrower. The LMA keeps the market informed of developments and in September 2018, LMA and ACT published a second edition of the joint guide entitled The Future of LIBOR: What You Need to Know. The Syndicated Loans Course for Lawyers is a two-day program specifically designed for lawyers, which offers detailed studies on all aspects of the primary and secondary credit market. In response to member feedback, market developments, legislation and regulations, the AML`s document library is constantly reviewed and updated. The recommended primary and secondary forms have undergone several revisions and some significant changes have been made, a notable example of which is the combination of secondary and distressed business documents in 2010, which were updated in 2012.
In the continuity of the subject, the conditions of the secondary credit business were the subject of a comprehensive review of “Plain English” in 2013, with the aim of making it more accessible, especially for those whose mother tongue is not English. Subsequently, further revisions of the secondary conditions were agreed, which reflect, inter alia, the clarification of the treatment of notary fees and, among others, the changes made to ERISA. Following the widespread adoption of the AML`s secondary commercial documentation as a European market standard, the focus has been on primary documentation.