September 26, 2019 - As we’ve previously noted, the LSTA recently changed the Terms of Use applicable to the use of its trading documents. The new terms require that any counterparty that trades a loan using LSTA secondary trading documents either obtain a license or become a member of the LSTA. The LSTA decided that in order to give non-member loan market participants the opportunity to study the new Terms of Use, review the license agreement and consider their options regarding membership or licensing, it would not begin to enforce its copyrights with respect to trades entered into prior to October 1, 2019.  That date is quickly approaching so we urge all non-members who have not obtained licenses to do so promptly. 

Current members continue to have access to all the LSTA documents included in their membership fee.  Importantly, neither current members nor the settlement platforms are under any obligation to determine whether their trading counterparties are either members or license holders.  For information regarding the Terms of Use, please contact LSTA General Counsel Elliot Ganz. 

For information regarding membership or licenses, please contact Lisa Schneider.  You can also consult our FAQ, available here.