For example:. The Report will be of significant interest to the industry. It remains important for financial institutions in this market to ensure they have up to date and appropriate competition law compliance programmes in place, which are fully understood by all employees who engage in origination and syndication activities, and that such programmes are implemented effectively.
Ashurst has advised numerous clients on competition investigations and competition law compliance in relation to syndicated lending.
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Competition law and financial services—overview - Lexis®PSL, practical
Please try after sometime. The Study was not a formal competition investigation. Loan syndication is generally recognised to be beneficial in terms of increasing liquidity and diversifying risk, and the Report found that there were a large number of lenders competing in most markets. However, loan syndication necessarily involves close cooperation between market participants.
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This may give rise to potential competition law risks. For example: market soundings by mandated lead arrangers "MLAs" , particularly where contact is made with institutions that are competing with the MLA to originate the loan. Risks are greater where the sounding moves from truly generic to being deal-specific.
The Report emphasises the need for documented client consent for deal specific soundings; exchanges of competitively sensitive information between lenders, leading to worse outcomes for borrowers.
European Union: Financial Services
This may be due to a lack of effective separation between origination and syndication desks, difficulties in enforcing non-disclosure agreements and discussions which go beyond the scope of the client's consent; tying, where there is an obligation or strong expectation that ancillary services will be obtained from the MLA or the syndicate; the dual role of institutions as debt advisor and lender on the same transaction, where there is insufficient functional separation between the roles; the syndicate may have the power to increase prices on refinancing and restructuring, particularly where a borrower is in financial difficulties and has few outside options.
The Report recommends closer monitoring of markets where there are fewer potential MLAs, such as countries which do not use the euro or pound. Effective functional separation between syndication desks receiving soundings and origination desks. MLA also has a role as adviser to the borrower, creating a conflict of interest. Effective functional separation between advisory and lending roles. Bundling of advisory and lending roles at some institutions.
Competitive process to appoint advisor. Between mandate and loan agreement Discussions between lenders lead to worsened terms for borrower.
Financial Services and competition law : An overview of EU and national case law
Bilateral negotiation of terms between borrower and each lender, with joint discussions limited to agreeing loan documentation and syndication strategy. Guidance will be provided on how to build an effective and efficient compliance programme, best practice preparation techniques for dawn raids, and state aid considerations. We have a number of exclusive and innovative sponsorship and speaking options, to help you demonstrate thought leadership.
European Union: Financial Services
Thank you to all those who attended in ! Highlights at the conference included:. Gain Practical Insights on Blockchain Developments What potential competition issues are arising in the world of blockchain? Encyclopeadic Coverage of Compliance Best Practice Explore the latest competition law compliance challenges. Expert Speakers at last Year's Conference Included:.
EU antitrust enforcement in the financial services sector
Vincent Brophy Partner. Gordon Youngson Head of Legal for Europe. Solomon Osagie General Counsel. Elvira Aliende Rodriguez Partner. See all the speakers. The choice of speakers made this event very enjoyable and worth every minute to be there. UK Competition Law Conference. Competition Law Asia Conference. EU Merger Control Conference.