Regulatory / Industry Submissions

Respond to Fitch consultation on Feeder Fund Debt Rating Criteria – Exposure Draft

Fitch Ratings has published an exposure draft proposing new rating criteria for feeder fund debt (also known as “rated note feeders”).  The exposure draft can be accessed here.   

Market participants have until 6 July to submit comments.

Fitch will host a webinar on 17 June to discuss the new methodology.  The registration link is here

LMA responds to ESMA consultation on draft RTS for open-ended loan originating AIFs

Today, we responded to ESMA’s consultation on the draft Regulatory Technical Standards on open-ended loan originating alternative investment funds.

The LMA welcomes ESMA’s approach in providing a harmonised implementing framework tailored to the specificities of OE LO AIFs, allowing managers to demonstrate to their respective NCAs that they can maintain an open-ended structure.

We believe that the framework should be aligned with market trends aimed at meeting investors’ increasing demands for alternative investment strategies with a liquid profile.

Read the full response here

The LMA responds to ESMA consultation on the revision of the disclosure framework for private securitisation

The LMA welcomes ESMA's general approach to template reform set out in the Consultation Paper and supports the implementation of a simplified template for reporting of private securitisations in the short-term, ahead of the outcome of the Comission's broader Securitisation Regulation review. In particular, we belive that a simplified template should be made rapidly available for CLO reporting in order to provide relief for CLOs from the unduly onerous reporting burden under the current regime.

However, (as set out in more detail in out response), ESMA's proposal that the simplified template should only be made available for transactions where each sell-side entity is established in the EU is likely to limit applicability to European CLOs as very few will meet this requirement. Unless the issues mentioned in out response can be adequately adressed by ESMA, our preference would be to retain the current template reporting regime pending the outcome of the Comission's broader Securitisation Regulation review.

2025 Submissions

31 March 2025
LMA responds to ESMA consultation on the revision of the disclosure framework for private securitisation
12 March 2025
LMA responds to ESMA consultation on draft RTS for open-ended loan originating AIFs
27 February 2025
The LMA submitted its response to the FSB Consultation on Leverage Risks in NBFIs
18 February 2025
LMA Position Paper Sustainability Omnibus Simplification Proposal (the Omnibus)
06 February 2025
LMA responds to HM Treasury consultation on UK Green Taxonomy