The Loan Market Association (LMA) was formed in December 1996 and is based in London, UK. Its initial aim was to assist in the development of the secondary loan market in Europe, which was in its infancy at that time. Its intention was to develop industry best practice and standard documentation. The LMA is now active in the primary market as well as the secondary market. The LMA engages with its members, market participants and various stakeholders to tackle industry-wide issues and concerns. It also works directly with tax authorities, government bodies and a variety of national, European and US regulators. The LMA has over 660 members from 61 different jurisdictions. Members pay a subscription fee to the LMA in exchange for predefined membership benefits.