Tess Virmani

General Counsel and EVP/Head of Policy
(212) 880-3006

As part of LSTA’s senior leadership, Tess serves a broad, strategic and educational role in facilitating progress and equity for the market. In leading the policy team, she engages directly with global policy makers, regulatory agencies and legislators – as well as with LSTA members, market stakeholders and the press – on timely, industry-wide issues poised to affect market liquidity, transparency and efficiency. Since joining LSTA in 2011, her thought leadership and insights have helped devise impactful, actionable strategies on policy and advocacy initiatives.

Admitted as an attorney in New York, Tess practiced as a finance attorney at the New York-based, multinational law firm Skadden, Arps, Slate, Meagher & Flom LLP prior to joining LSTA.

Tess received her B.S. in International Politics from the Walsh School of Foreign Service at Georgetown University, and her J.D. from Fordham University School of Law. She is a Fundamentals of Sustainability Accounting Credential Holder and holds a CFA Institute Certificate in ESG Investing.

Tess Virmani headshot

Committee and working group involvement

CLO Committee

Discussing best practices and market issues for CLO participants
Role: Committee Chair

Leveraged Lending Guidance Working Group

Discussing issues related to leveraged lending guidance
Role: Project Manager

Open-end Loan Fund Committee

Addressing best practices and market issues for open-end/retail funds investing in loans
Role: Committee Chair

Primary Market Committee

Managing current legal issues in the primary market
Role: Committee Chair

Trade Practices and Forms Committee

Addressing the trading and settlement of par and distressed loans
Role: Committee Chair

Recent publications

LSTA and ACC filed joint comments on NAIC Agenda Item 2026‑10, recommending a practical expedient to preserve bond treatment and urging that any ALM‑risk finding account for structural mitigants.
LSTA and the ACC jointly submitted recommendations to the NAIC’s RBC IRE Working Group for refinements of key assumptions in the Academy's CLO C-1 model, including correlation, recovery, and prepayment and repurchase price.
This table refers to leveraged and certain structured loans and should be read only as illustrative of common controls.
This note offers an illustrative overview of what that process looks like in practice.
This Guidance Note examines the "reverse solicitation" exemption under CRD VI, providing practical guidance and sample language for loan market documentation.
This session explored the EU’s new cross‑border lending rules and their implications for U.S. loan market participants, outlining who falls in scope, available exemptions, and the structural and documentation changes lenders should prepare for as key deadlines approach.
This replay examines the EU’s new cross‑border lending rules and their impact on U.S. loan market participants, outlining who falls in scope, available exemptions, and the structural and documentation changes lenders should prepare for as key deadlines approach.
The 14th edition of the Global Legal Group guide offers expert analysis and practical guidance on the trends, regulations and best practices specific to lending and secured finance – and is dedicated to the memory of our own Bridget Marsh.
Now available: the updated Model Credit Agreement Provisions for BSL transactions, covering core provisions commonly incorporated into leveraged finance credit agreements.
Please find the blackline comparing the updated Model Credit Agreement Provisions for BSL transactions to the version published in May 2023....

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