On November 8, the LSTA hosted a webinar on “Antitrust Issues in Syndicated Loan Transactions” presented by Olivier Antoine, Scott Lessne, and Dan Zelenko of Crowell & Moring. Although syndicated loan arrangements undoubtedly foster efficiencies for both borrowers and lenders and competition by increasing the overall availability of credit and by spreading risk amongst a group of lenders, the potential exists for the creation of anti-competition agreements and for the impermissible sharing of information at critical points in the syndication process.
On Wednesday, the LSTA hosted a CLE webcast featuring William L. Kuhn IV (Executive Vice President and General Counsel of Regulatory, Disclosure and Employment Law) and Tracy Springer (Vice President and Senior Counsel for Global Banking and Commercial Banking) of HSBC on “Regulation W and its Implications for Syndicated Lending”. Regulation W, which implements Sections 23A and 23B of the Federal Reserve Act, provides limits on transactions that US banks and their operating subsidiaries may enter into with their affiliates and can have some surprising consequences in syndicated lending transactions.
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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.