GDPR and Criminal Finances Act 2017 - Model Agreements
The LMA has amended the following market model agreements to reflect the General Data Protection Regulation (which comes into effect in May 2018) and the Criminal Finances Act 2017 (already in effect):
- Binding Authority Agreement - LMA3113
- Consortium Agreement – LMA3145
- TPA Agreement - LMA9008A
The new model agreements are referenced:
- Binding Authority Agreement - LMA3113A
- Consortium Agreement – LMA3145A
- TPA Agreement - LMA9008B
We have also prepared a suite of model endorsements, which may be used to update existing agreements which are currently in effect (and based on the current model agreements), in relation to these data protection and criminal finance amendments. Please note that where current agreements are not based on the market model agreements, then the model endorsements, if used, would need to be suitably tailored, e.g. clause numbering.
The new model agreements, along with the suite of endorsements, can be found here.
In respect of each agreement, this web page gives links to the following:
- New updated model agreement
- Marked-up agreement showing changes from the current version
- Model endorsements for use with the current model agreements.
We will also be amending and publishing on the same web page an updated copy of the multi year model binding authority agreement LMA3113M. In the interim, endorsement LMA5315 may be used in conjunction with the LMA3113M to achieve the same purpose. Further work is ongoing in analysing other agreements to assess possible amendments.
We are grateful to Clyde & Co who have advised us in relation to these amendments.
Any queries regarding this bulletin should be addressed to Manreet Sher (firstname.lastname@example.org or 020 7327 4872), Tom Hamill (email@example.com or 020 7327 8377) or Alison Colver (firstname.lastname@example.org or 020 7327 4443).
Kees van der Klugt
Director of Legal & Compliance