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COVID-19: Covid Corporate Financing Facility document update
Practical Law UK Legal Update w-024-8191 (Approx. 4 pages)
COVID-19: Covid Corporate Financing Facility document update
| Published on 02 Apr 2020 • United Kingdom |
ICMA issued an update regarding the recommended documentation to be used in connection with the Covid Corporate Financing Facility (CCFF).
On 30 March 2020, ICMA issued a market update regarding the previously announced use of its Euro commercial paper materials to document Covid Corporate Financing Facility (CCFF) programmes (see Legal update, COVID-19: Covid Corporate Financing Facility Q&A and ICMA documents).
Previously, the Bank of England (BofE) confirmed that it will accept commercial paper with standard features that is issued using ICMA market standard documentation. To further support companies seeking to set up commercial paper programmes quickly, ICMA has announced that the BofE:
- Will accept simplified versions of commercial paper documentation, based on the ICMA standard, which are available on the BofE's website (blacklined against the ICMA versions, where relevant).
- Encourages companies to use these pre-approved versions wherever possible.
For information on commercial paper, see Practice note, Euro commercial paper: overview.