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Clifford Chance

Clifford Chance


Revisions to LMA Trading Documents Effective 25 September 2017

27 September 2017

The Loan Market Association published revised versions of its Standard Terms and Conditions for Par and Distressed Trade Transactions (Bank Debt/Claims), Participation Agreements and the LMA Secondary Trading Documentation User Guide. The LMA also published a summary of changes to the rules governing plans and individual retirement accounts under the US Employee Retirement Income Security Act of 1974 in a document entitled "ERISA Introduction and Explanation of Recent Changes". The revised documents are available on the LMA website ( and affect trades that are entered into on or after 25 September 2017. This Client Alert summarizes these main changes and discusses why they are important to the secondary market loan trading community.

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