The Pan-European Private Placement Working Group (PEPP WG) led by the International Capital Market Association (ICMA) has published the Pan-European Corporate Private Placement Market Guide. The guide is intended to provide a framework of best practices for PEPP transactions, setting out the roles of the key parties including the borrower, investor, arranger and legal counsel; documentation; an illustrative transaction timetable; and key processes. In 2012 the ACT chaired a working party that looked at the development of a UK private placement market. A key recommendation identified in the ACT’s report was the development of a standardised form of loan / note documentation. The PEPP WG guide outlines two different sets of recently developed documentation templates, those launched by the Loan Market Association (LMA) and the other by the Euro Private Placement Working Group (a French financial industry initiative).