Regulatory / Industry Submissions

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. 

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. 

In June 2025, we submitted a response to the European Commission's call for evidence on an impact assessment for the Savings and Investments Union.  We also submitted a response to the Commission’s targeted consultation on integration of EU capital markets which covered overlapping themes.  Our responses highlighted, amongst other things, (i) the need to facilitate companies’ access to capital through product innovation and digital transformation and public-private investment capabilities; (ii) the need to identify and seek to reduce regulatory barriers to cross-border corporate lending within and into the EU; and (iii) the importance of an ambitious review of the securitisation framework in order to encourage the scaling-up of the EU securitisation market.