Regulatory / Industry Submissions
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LMA responds to FCA consultation on fund tokenisation
On 21 November 2025, we submitted a high-level response to the FCA’s consultation on progressing fund tokenisation.
We believe tokenisation presents a significant opportunity for both funds and loan markets.
To utilise these benefits, we have urged for continued dialogue and collaboration between regulators and industry participants to ensure regulatory frameworks keep pace with technological innovation.
LMA co-signs joint statement on investors' views on the EU Securitisation Review
On 20 November 2025, we co-signed a joint statement setting out concerns from the perspective of investors on the European Commission's proposed reforms regarding the EU securitisation framework. The joint statement sets out the shared views of the LMA and six other trade associations (AFME, AIMA, EFAMA, IACPM, ICMA and MFA).
While supportive of the underlying intents behind the ongoing review, the associations are concerned that certain measures currently under discussion risk discouraging investment in securitisations, thereby undermining the Commission’s stated objective of growing the market. We collectively call on co-legislators to make improvements that will enable demand for securitisation in Europe to grow in the context of a robust and resilient regulatory framework.
FCA announces new consultation paper on fund tokenisation
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.