THE LOAN MARKET ASSOCIATION (“LMA”) has announced updates to its secondary trading documentation, effective March 24, 2011, and, most recently, June 27, 2011. Notably, the LMA has responded to the growth of claims trading activity following the collapse of three of Iceland’s major commercial banks in 2008, clarifying the scope of seller representations and confidentiality requests. The new updates are an improvement to the LMA documentation, which underwent significant changes in early 2010 through the consolidation of par and distressed trading documents.