Committees & Working Groups

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LSTA members are eligible to participate in a number of Committees, Working Groups and Forums. Committees traditionally focus on practice areas on a regular basis. Working Groups address topics that may require only a few meetings in order to reach consensus on the specified issue. Forums convene on an ad hoc basis, allowing members to address a particular topic of concern at a given time. All three of these formats afford members valuable industry exposure and networking opportunities. What’s more, they give members a voice in the Loan Market.

Committees of the LSTA

Accounting Committee

Committee Chair: Ellen Hefferan

The primary objectives of the Accounting Committee are: This committee is as needed. Interested in joining the Accounting Committee, please contact Ellen Hefferan.

CLO Committee

Committee Chair: Tess Virmani

The CLO Committee was formed to share information and best practices among CLO managers, structurers and lawyers. The Committee also helps the LSTA develop its response to regulation and market issues impacting CLOs’ ability to operate in the loan space. In recent years, it has focused on LIBOR transition, as well as regulatory issues including […]

ESG Committee

Committee Chair: Tess Virmani

The ESG Committee is home to all LSTA ESG and sustainability initiatives. Each year one or several working groups will be formed to focus on certain projects. In 2023-24, the current projects are an update to our Guidance on External Reviews, a new practice note on sustainability linked loans in fund finance, and an update […]

Litigation Committee

Committee Chair: Elliot Ganz

The purpose of the Litigation Committee is to review and approve amicus litigation proposals.  This committee is as needed.

MTM Committee

LSTA Project Manager: Ted Basta

The LSTA Mark-to-Market Pricing (MTM) Committee is a strategic committee that reports to the LSTA Board and directs initiatives geared toward ensuring the highest level of price accuracy in the secondary loan market.  The committee represents an ongoing effort to address secondary market pricing.  The members of the committee will be recruited from a cross […]

Open-end Loan Fund Committee

Committee Chair: Tess Virmani

The purpose of the Open-end Loan Fund Committee is to share information and best practices and respond to regulation and market issues impacting funds’ ability to operate in the loan space. Most recently the Committee’s focus has been engagement with the SEC on the proposed amendments to the Liquidity Risk Management Rules. Membership is open […]

OSG Committee

Committee Chair: Ellen Hefferan

The mission of the OSG is to focus on a wide variety of strategic and tactical initiatives relating to loan servicing and loan settlement with a view toward achieving operational accuracy and efficiency.  Current policies and procedures are assessed, areas for improvement explored and content and information flows standardized, as workflow efficiencies are identified.   […]

Primary Market Committee

Committee Chair: Bridget Marsh

The Primary Market Committee is the largest committee of the LSTA with more than 450 members.  The Committee focuses on current legal issues in the primary market.  All LSTA primary market related legal product is vetted by this group of members.  It is recommended that each member of the LSTA nominate at least one person […]

Private Credit Markets Committee

Committee Chair: Sean Griffin

The Private Credit Markets Committee is comprised of 30+ member institutions active in private credit (including the twelve PCSAC members). The PCMC assists the LSTA in executing on the strategy and initiatives that have been proposed by the PCSAC. Member institutions will have one or more senior representatives involved as subject matter experts depending on […]

Private Credit Senior Advisory Committee

Committee Chair: Sean Griffin

The Private Credit Senior Advisory Committee is comprised of twelve member institutions active in private credit. Each institution has selected a single representative (of firm senior leadership) to participate in the Committee. The purpose of the PCSAC is to advise the LSTA on the identification and prioritization of private credit initiatives. The objective of this […]

Product & Technology Committee

Committee Chair: Ellen Hefferan

The mission of the Product and Technology Committee is to achieve a more efficient and orderly corporate loan market.  By publishing best-practice recommendations, educating market participants and facilitating discussions, the committee articulates changes and helps to implement new operational and technological initiatives.   A sub-committee was formed to focus on facilitating interoperability among different market participants […]

Settlement Committee

Committee Chair: Ellen Hefferan

The Settlement Committee is a consensus driven committee whose mission is to determine, articulate, recommend, and implement operational, documentation and technological changes within the loan market to improve settlement. This committee intends to effect change that will directly result in a more efficient and orderly syndicated loan market.  This Committee is open to LSTA members […]

Trade Practices and Forms Committee

Committee Chair: Bridget Marsh

The Trade Practices and Forms Committee has approximately 200 members. The Committee seeks to develop market conventions that govern trading and settlement of par and distressed loans.  Since its inception, the Committee has worked to identify key market issues and to build consensus toward resolving those issues through the drafting and adoption of standard documents and […]

Working Groups of the LSTA

Buy-Side Operations Working Group

LSTA Project Manager: Ellen Hefferan

The Buy-side Operations Working Group is a forum used to discuss operational issues and initiatives. Membership of this Working Group is open to all LSTA buy-side members. Interested in joining the working group, reach out to Ellen Hefferan. This working group has a call the 2nd Tuesday of the month at 2PM (ET).

CEI/MEI Working Group

LSTA Project Manager: Ellen Hefferan

The MEI Working Group is charged with formulating best practices for MEIs, including MEI application procedures, documentation requirements, validation processes and overall maintenance. Interested parties should contact Ellen Hefferan for further information. This working group is as needed.

CUSIP Working Group

LSTA Project Manager: Ellen Hefferan

The CUSIP Working Group seeks to develop policies and procedures regarding the application of CUSIPs by Agent Banks for all corporate loan deals and facilities and the subsequent incorporation of CUSIPS into all loan systems. Interested parties should contact Ellen Hefferan for more information.

Custodian/Trustee/Fund Administrator Operations Working Group

LSTA Project Manager: Ellen Hefferan

The Working Group’s mission is to represent the common interests of this constituency while ensuring alignment with the core principles of the LSTA and its broader membership. By focusing on a variety of strategic and tactical initiatives, the working group will proactively advocate for best-practice recommendations; build consensus across providers to ensure standardization where possible; […]

Custody Working Group

LSTA Project Manager: Elliot Ganz

The purpose of the working group is to resolve issues relating to whether managers of loans have custody of client assets under SEC rules.

Latin America Initiative Working Group

LSTA Project Manager: Bridget Marsh

This year, the LSTA plans to update its offering of LSTA legal product for cross border transactions with borrowers in Latin America.  The LSTA has published the LSTA Cross-Border Confirm and Form of Participation Agreement for settling trades of loans made to borrowers in Chile, Colombia, Mexico, and Peru. All members are welcome to join […]

Leveraged Lending Guidance Working Group

LSTA Project Manager: Tess Virmani

Leveraged Lending Guidance Working Group convenes, when necessary, on Leveraged Lending Guidance and certain regulatory matters for members supervised by the federal banking agencies. Interested parties should contact Tess Virmani for more information.

LSTA Committees - Board Members

Executive Committee

The Executive Committee is charged with overseeing and approving all significant business and operating actions undertaken by the LSTA.

Liquidity Committee

Committee Chair: Ellen Hefferan

The Liquidity Committee is focused on evaluating liquidity of the asset class and recommending changes to trade settlement procedures.

Nominating Committee

The Nominating Committee is formed each year by a vote of the LSTA Board. The Committee analyzes current LSTA directors and officers and identifies nominees to fill director vacancies (annually and as they arise).

Become a Member

Membership in LSTA offers numerous benefits and opportunities. Chief among them is the opportunity to participate in the decision making process that ultimately establishes loan market standards, develops market practices, and influences the market’s direction.

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