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 LMA welcomes the publication of the Financial Stability Board’s report on leverage in Non-Bank Financial Intermediation (NBFI). This is a pivotal moment in the international regulatory agenda on leverage in the non-bank space. We are pleased to see that several of our recommendations have been taken into account. Our press statement on the report is available here.

As implementation discussions unfold, the LMA will continue to engage with members and policymakers to ensure any follow-up measures reflect the actual risk profile of the loan and private credit markets.