Advocacy & Regulatory

What you need to know in today’s environment. LSTA advocates on behalf of all participants in the syndicated loan market, working directly with regulators and legislators to maintain a fair, orderly, and efficient marketplace that engenders confidence.

The LSTA actively monitors emerging regulatory issues and has successfully advocated the industry’s position on risk retention, the Volcker Rule, Liquidity Risk Management Rules, FATCA, Leveraged Lending Guidance, FDIC assessments, and more. This section of University covers Dodd-Frank risk retention rules, Alternative Reference Rates Committee (ARRC) consultations and what they mean to our constituents, LIBOR and its alternative SOFR, and more.

Level 1

LSTA University Level 1

Level 2

LSTA University Level 2
  • LIBOR Replacement: Understanding the ARRC's Loan Fallback Consultation

    Presentation given by Meredith Coffey, EVP Research & Regulation & Tess Virmani, Associate General Counsel & SVP that helps interpret the LIBOR replacement and Understanding the ARRC’s Loan Fallback Consultation.

  • LSTA White Paper: Addressing Loan and CLO Misperceptions

    Broadly syndicated loans to non-investment grade U.S. Corporations are widely misunderstood outside of the loan industry. A number of commentators imply that leveraged loans are shadowy corporate equivalents to pre-crisis sub-prime mortgages. This is clearly not true and, to respond to such conflations, the LSTA recently published this white paper addressing these views.

Level 3

LSTA University Level 3

    On September 24, 2018, the Alternative Reference Rates Committee (ARRC) released a syndicated loans LIBOR fallback consultation to address this very issue. The ARRC is seeking feedback from individual institutions to understand challenges and benefits of each approach from that institution’s perspective. Meredith Coffey, Executive Vice President Associate General Counsel, Research & Regulation weighs in on what it means, and how to prepare.

  • LIBOR Fallbacks: The Market Responds

    LIBOR is somehow simultaneously both a pressing issue and a slow-motion market upheaval. A first step to avoiding the upheaval scenario is the development of fallback language across cash asset classes. (Fallback language answers the critical question “If LIBOR disappeared tomorrow, to what rate would my contract fall back?” Is it Prime? Is it SOFR? Is it the last fixed rate? Is it nothing?!)

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LSTA Newsletter – October 18, 2019

This week, we start by announcing that the LSTA is developing a “SOFR Compounded in Arrears” concept credit agreement. It is one more tool to help members internalize what a SOFR Loan Market might look like. Next, we provide an updated suite of documents on Primary Delayed Compensation. Finally, we offer a brief update on LSTA […]

Flashforward: LSTA Releases Draft SOFR “Concept Credit Agreement”

On October 1st the LSTA took the next step in its efforts to educate market participants on replacement benchmarks by distributing a draft “concept credit agreement” referencing a compounded average of daily SOFRs calculated in arrears (“Compounded SOFR in Arrears”).

LSTA Advocacy Update

Over the past two weeks the LSTA has continued its political advocacy with legislators and regulators on issues of importance to the loan market. Last week, Meredith Coffey and Elliot Ganz, Co-heads of the LSTA’s Public Policy Group, had the opportunity to join Congressman Greg Meeks (D. NY) for a free-ranging discussion over breakfast.

Primary Delayed Comp: Revised Drafts Released

The LSTA released revised drafts this week of the LSTA trading documents to be used in connection with the new Primary Delayed Compensation Protocol. Below are links to the clean drafts and blacklined documents marked to show changes since the last versions sent to you for your review.