On 17 October 2025, we responded to the House of Lords Financial Services Regulation Committee’s inquiry on the growth of private markets in the UK.

Our response outlines how private credit has become a vital source of long-term financing for the real economy, complementing and, in some cases, substituting traditional bank lending. It details the increasing interconnections between banks and private credit funds - such as co-investment in leveraged loans, fund finance, and synthetic risk transfer - and discusses the implications for financial stability and access to credit. We also emphasise the importance of maintaining an internationally competitive and proportionate regulatory regime, ensuring that the benefits of private credit growth are recognised while safeguarding the resilience of the UK’s financial sector. 

The Middle East has become a core pillar of the LMA’s strategic vision. As the region’s loan markets continue to deepen and mature, and as liquidity pools expand, it is essential that our work evolves in parallel.

Following the success of our recent Middle East Loan Markets Conference in Dubai, we have prepared a conference report to share the latest insights and perspectives on this ever-growing market with our members and the wider community. 

London, 24 September 2025 – The Loan Market Association (LMA), the authoritative voice of the EMEA loan markets, delighted to share the results of its Annual General Meeting, held on 24 September 2025. We welcomed more full members than ever before in the history of the LMA to vote in seven new Board directors from a candidate list of ten, each bringing distinct strengths and expertise to help us address the Association’s objectives and the needs of its members. We are proud to welcome seven directors, 3 of which are new to the role.

On 17 September 2025, the LMA published its recommendations on further improving the EU securitisation framework following the European Commission's recent proposals (SR Proposals). Securitisation has an enormous potential to boost EU funding by attracting capital globally. But without a clear, proportionate regulatory framework, investor confidence - and thus Europe’s competitiveness - remains at risk.

In our position paper accompanied by detailed technical annex, we put forward key recommendations across three areas to help advocate for a more proportionate and ambitious regulatory framework - (i) building market confidence; (ii) removing investor barriers; and (iii) ensuring proportionate capital and liquidity requirements. 

Together with Bank Policy Institute (BPI), the Swiss Finance Council, UK Finance, the UK Association of Foreign Banks (AFB), the Bankers Association for Finance and Trade (BAFT), and the Japanese Bankers Association (JBA), the LMA has published a position paper on EU Member States’ implementation of the branch requirement under CRDVI. This paper is intended to:

• highlight the approach that we believe best aligns national transposition with the policy intent behind CRD VI; and
• identify areas where certain transposition proposals or interpretations to date appear to have inadvertently diverged from the Level 1 text or policy intent.

The recent CJEU decision in Società Italiana Lastre SpA v. Agora SARL has sparked market discussion on the drafting of asymmetric jurisdiction clauses. In response, and with input from our Legal Forum and German Law Documentation Working Party, we have published a modified asymmetric jurisdiction clause for both German and English law documents. The German Law Investment Grade and Real Estate Finance Facility Agreements include this clause. For English law facility agreements, the clause will be an option in an upcoming consolidated jurisdiction guidance note. The LMA will continue to monitor developments.

The Loan Market Association (LMA) and the International Capital Market Association (ICMA) are delighted to announce growing momentum for their inaugural Africa Summit, taking place in Cape Town on 25–26 February 2026.

On 8 August 2025, the European Banking Authority published a Q&A response (prepared by the European Commission) on the use of conditional sale agreements as a means for an entity to qualify as an originator. We are aware of the widespread use of conditional sale agreements in CLO structures and the impact that this response has had in the CLO market, particularly for those deals that have closed or priced but not yet closed. We have contacted the European Commission, the European Banking Authority and other supervisory authorities to seek further clarification on the application of the response to these transactions.