On 14 October 2025, the FCA announced a new consultation paper outlining proposals to support the adoption of tokenisation in fund management and to ensure that regulations remain fit for the future. Tokenisation, which involves representing an asset or its ownership using distributed ledger technology (DLT), is becoming a key driver of innovation in financial services.

The FCA’s proposals set out new guidance for operating tokenised funds under the Blueprint model (an optional framework for direct dealing in both conventional and tokenised authorised funds), alongside a roadmap to address barriers to tokenisation and a discussion of future DLT-based models for large-scale portfolio management.

The FCA has invited feedback on the proposals by 21 November 2025, and on future tokenisation models by 12 December 2025, with a Policy Statement on final regulatory requirements expected in the first half of 2026.

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.