Agreement Among Managers Version 2

On 15 July 2016, the European Securities and Markets Authority (ESMA) published a further revised version of its questions and answers on prospectuses – 25th updated version – July 2016. The version adds two new questions and answers to the previous version, both of which deal with road shows: on 14 September 2016, the European Commission published a Communication on accelerating its Reforms of the Capital Markets Union. In particular, the Commission intends to do everything in its power to reach an agreement with the European Parliament and the Council on the proposal for a Prospectus Regulation (replacing the Prospectus Directive) before the end of 2016. On July 28, 2016, ICMA announced some changes to its standard Agreement Among Managers Version 1 form, which apply to all issues that use the Version 1 Manager Agreement, which sends confirmation to managers on or after September 1, 2016. The main objective of these amendments is to extend the scope of the Agreement to certain matters which are subscribed on several bases as well as to those subscribed on a joint and several basis. Other changes include: In response to this situation, the Association for Financial Markets in Europe (AFME) published a revised set of model clauses (1 August 2016) and the Loan Market Association (LMA) published on 4 August 2016 updated versions of the LMA Recommended Form of Bail-in Clause and Users Guide and the EU Ren bail-in Legislation Schedule. 1. Q99 deals with Article 11(3) of Commission Delegated Regulation (EU) 2016/301 and the exception, in the case of oral advertising, to the obligation to broadcast a modified advertisement at least in the same way as the original advertisement. The main implications from a borrowing market perspective are: sign up for the latest legal developments, knowledge and news from Ashurst.

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This article was written by: SignEx