The REF document was developed in response to increased demand, particularly from lenders, on the basis of a standardized form of credit document intended for use in real estate financing transactions in English. With about 162 pages (in its syndisible form), the document is probably too cumbersome for the majority of real estate financing transactions, often bilateral and individual. The document should therefore be simplified with regard to these transactions. Some clauses are recognized as broader than they should be. The confidentiality clause, for example, goes too far. The group that approved the document felt that it was better to insert and remove language than not to have it at the beginning. The LMA initiative is an important contribution to the development of a European private placement market, particularly in the context of the current work of the pan-European private working group coordinated by ICMA, which includes the Euro PP Working Group (composed of all relevant professional organisations and French market participants). Euro PP Working Group also developed documents relating to French private placement law to complement the French Charter of Private Placement in 2014. On April 16, 2012, the Loan Market Association (LMA) published its recommended form of Facility Agreement for Real Estate Portfolio Investment Transactions (the “REF Document”). The growing importance of the European leverage loop market in the early 2000s also allowed the LMA to focus on the development of standardised lever documentation, on which recommended forms were adopted in early 2004. In response to member feedback, market developments, legislation and regulations, the AML`s document library is constantly reviewed and updated.

The recommended primary and secondary forms have undergone several revisions and some significant changes have been made, a notable example of which is the combination of secondary and distressed business documents in 2010, which were updated in 2012. In the continuity of the subject, the conditions of the secondary credit business were the subject of a comprehensive review of “Plain English” in 2013, with the aim of making it more accessible, especially for those whose mother tongue is not English. Subsequently, further revisions of the secondary conditions were agreed, which reflect, inter alia, the clarification of the treatment of notary fees and, among others, the changes made to ERISA. Basel III/IV and related EU capital directives and regulations will continue to have an impact on the lending environment, while securitisation regulation, ECB leverage guidelines, the proposed regulation of bad loans, Brexit and the European Commission`s study on competition in the credit market will present other challenges. The AML will continue to monitor changes in accounting standards that may have a significant impact on revenue, as well as other issues such as sanctions and tax rules. . . .