LSTA members are eligible to participate in a number of Committees, Working Groups and Forums. Committees traditionally focus on practice areas on a regular basis. Working Groups address topics that may require only a few meetings in order to reach consensus on the specified issue. Forums convene on an ad hoc basis, allowing members to address a particular topic of concern at a given time. All three of these formats afford members valuable industry exposure and networking opportunities. What’s more, they give members a voice in the Loan Market. 

Committees of the LSTA

Accounting Committee

The primary objectives of the Accounting Committee are: Discuss and examine existing market practices related to loan syndications and trading activities, Actively engage in standard-setting due process by monitoring developments arising from standard-setting activities by the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) and Expand communication and education by: developing […]

CLO Committee

The CLO Committee was formed to share information and best practices among CLO managers, structurers and lawyers. In recent years, it has focused on regulatory issues including risk retention, FATCA (Foreign Account Tax Compliance Act), the Volcker Rule and issues arising from the SEC. The committee prepares analysis and white papers to support the CLO […]

OSG Committee

The mission of the Operations Steering Group is to focus on a wide variety of strategic and tactical initiatives relating to loan servicing and loan settlement with a view toward achieving operational accuracy and efficiency.  Current policies and procedures are assessed, areas for improvement explored and content and information flows standardized, as workflow efficiencies are […]

Primary Market Committee

The Primary Market Committee is the largest committee of the LSTA with more than 450 members.  The Committee focuses on current legal issues in the primary market.  In 2017, the Committee published the new form of “LSTA Credit Agreement”.  In 2019, the Committee is working on a Leveraged Finance Term Sheet and a SOFR Credit […]

Process & Technology Committee

The mission of the Process & Technology Committee is to articulate and help implement various initiatives within the loan market. Through publishing best-practice recommendations, educating market participants and facilitating discussions, the committee intends to effect change; directly resulting in a more efficient and orderly syndicated loan market.  The directives of the committee are to:  Define. […]

Sustainable Finance Committee

The Sustainable Finance Committee is comprised of sellside and buyside institutions and is tasked with the maintenance of the Green Loan Principles and Sustainability Linked Loan Principles which have been published by the LSTA, Loan Market Association and APLMA. In addition, this group monitors developments in the sustainable finance space. Interested parties should contact  Tess […]

Trade Practices and Forms Committee

The Trade Practices and Forms Committee has approximately 300 members.  The Committee seeks to develop market conventions that govern trading and settlement of par and distressed loans.  Since its inception, the Committee has worked to identify key market issues and to build consensus toward resolving those issues through the drafting and adoption of standard documents […]

Valuation Committee

The purpose of the committee is to provide a forum for discussion on the following topics pertaining to the valuation of loans: The current state of valuation – Loan Mark-To-Market (MTM) pricing methodologies. The classification of MTM prices within the scope of: o Amendments to Rule 2a-7 (July 2014 guidance) under the 1940 Act Rule […]

LSTA Committees - Board Members

Finance and Compensation Committee

The Finance & Compensation Committee reviews the detailed financial budget of the LSTA, including LSTA staff compensation. The Committee is currently examining possible alternative revenue streams for the LSTA.

Liquidity Committee

The Liquidity Committee is focused on evaluating liquidity of the asset class and recommending changes to trade settlement procedures.

Nominating Committee

Analyze Current LSTA Board & Officers and identify Institutions and Individuals for future Boards to be voted in by LSTA Membership.

Working Groups of the LSTA

CUSIP Working Group

The CUSIP Working Group seeks to develop policies and procedures regarding the application of CUSIPs by Agent Banks for all corporate loan deals and facilities and their subsequent incorporation into all loan systems.  This Working Group is open to all members.  Although its primary participants are Agent Banks, Buy-side institutions are welcome to join.

Custodian/Trustee/Fund Administrator Operations Working Group

The Working Group’s mission is to represent the common interests of this constituency while ensuring alignment with the core principles of the LSTA and its broader membership.  By focusing on a variety of strategic and tactical initiatives, the working group will proactively advocate for best-practice recommendations; build consensus across providers to ensure standardization where possible; […]

ESG Working Group

The ESG Working Group is comprised of buyside members focused on ESG developments in the loan market. Interested parties should contact  Tess Virmani for further information.  This Working Group is by invitation only.

FpML Business Loan Working Group

The FpML Business Loan Working Group seeks to develop industry standards for the exchange of loan data both here and in Europe.  The group defines common data standards that can be utilized by all systems throughout the loan market to distribute daily loan activity notices, confirm position information and potentially match trades.  This group works […]

Latin America Initiative Working Group

The LSTA continues to expand its offering of LSTA legal product for cross border transactions with borrowers in Latin America.  In 2017, the LSTA published LSTA Cross-Border Confirm and Form of Participation Agreement for settling trades of loans made to borrowers in Chile, Colombia, and Peru and in 2018 it expanded this to include borrowers […]

Letter of Credit Working Group

The purpose of the Letter of Credit Working Group is to formulate operational best practices around the issuance, maintenance and trading/settlement of letters of credit while recognizing the challenges inherent therein.  All LSTA members that are issuing banks for Letters of Credit are asked to participate.

MEI Working Group

The MEI Working Group is charged with formulating best practices for MEIs, including MEI application procedures, documentation requirements, validation processes and overall maintenance.

Become a Member

Membership in the LSTA offers numerous benefits and opportunities. Chief among them is the opportunity to participate in the decision making process that ultimately establishes loan market standards, develops market practices, and influences the market’s direction.

View a list of all members.

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Search Results by Relevancy

The Volcker Rule Amendments: What Do They Mean for CLOs

Earlier today the Federal Deposit Insurance Company (FDIC) and the Office of the Comptroller of the Currency (OCC) separately approved final rules amending rules originally published in November 2013 that implemented the Volcker Rule. Importantly, today’s amendments do not affect loans and CLOs. The FDIC signaled that amendments to the part of the Volcker Rule pertaining to CLOs would be forthcoming sometime in the future. Today’s amended rules are available here.

LSTA Newsletter: August 16, 2019

This week we cover LIBOR-Good News and Less Good News; Docs Terms of Use; Delayed Comp Docs Released; Loans Mag Announcement

Loans Magazine – Summer 2019 Edition

This edition provides members with valuable content on the latest developments in the syndicated loan market. An article from David Chmiel of Global Torchlight Limited which explores “Current Geopolitical Trends Impacting the Loan Market”. We continue with a series of articles on the many aspects of the LIBOR/SOFR transition, an analysis of the secondary loan […]

LIBOR Fallbacks: Good News… and Less Good News

There is good news – and less good news – on LIBOR fallback language in cash products like loans, FRNs and CLOs. On the good news front, it looks like most cash products are now including fallback language in new deals. This is critical because many instruments will be outstanding when LIBOR ends after 2021, and if they don’t have good fallback language, there could be contract frustration (and litigation). However, on the less-good-news front, the fallback language is not always consistent (which may lead to a lot of work to determine exactly how each instrument would fall back) or workable en masse (which may lead to traffic jams as everyone tries to amend their deals at the same time). We discuss the fallback status of FRNs and loans below. (And we’d gently remind readers that several CLOs have gone “hardwired”, per LCD and Covenant Review).

Primary Delayed Compensation: Drafts Released

Yesterday, the LSTA released drafts of the LSTA trading documents to be used in connection with the new Primary Delayed Compensation Protocol. Below, please find links to the clean drafts and blacklines marking the changes to the current versions of the Par/Near Par Trade Confirmation and Standard Terms and Conditions for Par/Near Par Trades.