Category: Allgemein

Agreement Among Managers Version 1

In response, the Association for Financial Markets in Europe (AFME) (1 August 2016) published a revised set of standard clauses and the Loan Market Association (LMA) updated on 4 August 2016 the versions of the LMA Recommended Form of Bail-in and Clause Users Guide and EU Bail-in-Legislation Schedule. On 14 September 2016, the European Commission published a communication on accelerating its capital markets union reforms. In particular, the Commission intends to do everything in its power to reach agreement with the European Parliament and the Council on the proposed prospectus regulation (replacing the prospectus directive) by the end of 2016. On 15 July 2016, the European Securities and Markets Authority (ESMA) published a new revised version of its questions and answers on the prospectuses – 25th update – July 2016. The previous version adds two new questions and answers, both dealing with road shows: on July 28, 2016, ICMA announced some changes to its version 1 of the standard form of Among Manager, which will apply to all questions used in version 1 of Manager, where confirmation will be sent to managers on September 1, 2016. The main objective of the amendments is to extend the scope of the agreement to certain issues that are drawn on several bases and on a common and multiple basis. Further changes are made: the information provided should not be a complete review of all legal and practical developments, nor should it cover all aspects of these issues. Readers should be legally advised before applying to specific topics or transactions. Welcome to the third edition of Ashurst Quarterly Debt Capital Markets Update, in which we summarize key capital market developments in the third quarter of 2016.

The Commission`s Delegate Regulation (2016/1075) came into force on 28 July 2016, which sets out the technical regulatory standards („RTS“) to determine (i) the content of the contractual bailout and (ii) to determine the types of debts to be exempted from the obligation.