This week we cover Petsmart (Ruff!); Mnuchin & Loans; FYI on KYC; March Secondary; LIBOR Anniversary & ABA Recap
An essential part of the LSTA’s proposed “primary delayed compensation” regime is the requirement that agent banks and primary lenders complete all “onboarding requirements” in a timely manner.Given current loan market practices, which seem to be inconsistent and indeed onerous, often far exceeding what is required under US law, this may prove challenging for many loan market participants, as became apparent during the KYC panel, “Know Your Customer – Preferable Before the Ready Date” at the LSTA’s Operations Conference in NYC on April 9th.
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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.