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Settlement Steps: LSTA and LMA Roll Out the Administrative Details Form

June 6, 2018 - As part of its ongoing commitment to support operational efficiency initiatives across the global market, the LSTA and LMA jointly published last week a standard Administrative Details Form (“ADF”) to be used by loan market participants across all jurisdictions.   All fund managers and lenders should complete the form (i) for new funds/entities and (ii) when changing details for existing funds/entities.   

Use of the standardized form by lenders and fund managers will allow Administrative Agents to automate their agent onboarding processes to systemically consume the data.  Importantly, the ADF comports with the FpML standard.  

The ADF has been divided into sections  relating to (i) general entity details (including MEI, GINN, entity type and fund manager), (ii) notice/servicing message delivery instructions, (iii) service providers and third-parties (for example, custodians and trustees), (iv) credit contacts, (v) operations contacts for inquiries, (vi) letter of credit contacts, (vii) additional tax details and (viii) two versions of wire instructions including one to be used when the recipient is an intermediary bank with nostro account for custodian and the lender does not have a dedicated account.  The LSTA also encourages lenders to include multiple contact email addresses to receive communications to ensure that  they are received despite employee vacations or resignations.

The ADF form was designed to be intuitive, with dropdown menus for ease of use.  However, if lenders have questions about completing the form, please ask the relevant agent bank or contact the LSTA ([javascript protected email address]) or the LMA directly.  

The development of the ADF is an important step forward for the settlement process and the LSTA encourages all lenders to use this form (and Agents to encourage their use by lenders).

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