News & Publications - Legal Briefing

New Code of Conduct for Business Lending to SMEs, February 2009 The Financial Regulator’s Code of Conduct for Business Lending to Small and Medium Enterprises, which will have statutory effect from 13 March 2009, sets out principles and tangible requirements that a regulated entity must apply when lending to an SME. The principles (some of which seem to apply to existing facilities) regulate key activities and events including the grant and withdrawal of credit, handling arrears and information requirements. The SME Code does not apply to credit unions. A regulated entity must keep records of its dealings to which the SME Code applies and must make those records available to the Financial Regulator.      Click here to download pdf         Relevant Partners Ambrose Loughlin Peter Osborne