In response to members’ concerns about whether certain powers of a corporate trustee in a typical English law structured finance transaction comply with the Volcker Rule, at the request of the ICMSA, a number of international law firms released a statement setting out their consensus as to the interpretation of those provisions.
The consensus statement is available here
This bulletin updates BULLETIN – November 2006 – Guide to the Treatment of Denominations and Related Exchange Conditions.
The purpose of this updated document is to clarify how Clearstream Banking Luxembourg and Euroclear Bank (the “ICSDs”) treat the denomination(s), transferable amounts and the tradeable amounts; as well as the exchange of securities from global into definitive form.
A presentation from the ICSDs.
Information and processing flow for loss absorption mechanism within the ICSDs.
With the continued globalisation of the international primary market and particularly on the back of the opening up of new regions and the addition of new players, the ICMSA has raised concerns around the development of inappropriate primary distribution methodologies being adopted within the international primary market.
As a reminder to market participants, there are two closing arrangements that are commonly adopted i.e. either a syndicated closing or a non-syndicated closing.
A client briefing from Clifford Chance.
The briefing focuses on some of the prominent changes in approach and consequent effect for trustees in agreeing to amendments, waivers and consents and the changing landscape in which trustees operate in the capital markets.
ICMSA has participated in AFME’s formulation of a set of standard provisions based on which a trustee may be required to agree to certain categories of transaction document amendment, removing the need in these cases for the trustee to exercise discretion. By publishing AFME’s pro forma on our website, ICMSA is seeking to endorse a market standard for mandatory trustee consent provisions that may be used on or applied to any securitisation transaction under English law.
Click here to download AFME’s set of standard provisions.