Welcome to the first edition of LMA Regulatory Insights, where we aim to distil complex developments into clear and practical insights, helping members navigate the evolving regulatory landscape in relation to the loan market.
You can email us directly at hannah.vanstone@lma.eu.com and evelien.alblas@lma.eu.com.
It’s hard to believe we’re already approaching the end of the year, but the LMA Public Policy and Regulation team is wrapping up 2025 with plenty of energy and two exciting new launches! First up is this monthly newsletter, designed to keep you informed and connected with the latest regulatory developments. If you’re not already on our regulatory subscription list you can sign up here to receive future editions. We’re also thrilled to introduce the LMA Regulatory Scanner – a new resource that will track key updates and upcoming changes across the UK and Europe, helping you stay ahead of the curve.
During November, we held our first Public Policy and Regulation Committee (ExCo) meeting in Brussels, and our CEO, Scott McMunn, travelled to Brussels, Paris, and Frankfurt to meet with stakeholders on topics ranging from securitisation to stress testing for NBFIs (click here for the full roundup). Over the last month, members joined us for roundtable events on CRD VI and sustainable finance regulation; we launched our Sustainable Finance Disclosure Regulation (SFDR) think tank group; and hosted webinars on Article 21c, CRD VI and SFDR. Looking ahead, 2026 promises even more opportunities to get involved, with new events and a busy legislative agenda in both the UK and Europe. If you’d like to play a part in our public policy and regulatory work, please reach out to Evelien Alblas (evelien.alblas@lma.eu.com) – we’d love to hear from you!
LMA Regulatory Scanner
As part of the launch of this newsletter, we are excited to unveil our monthly LMA Regulatory Scanner – providing a summary of the most recent regulatory news together with a forward-looking overview of key regulatory developments on the horizon which may impact the loan market.
Top News Stories
Prudential Regulation
- European commission (EC) publishes Market Integration and Supervision package (MISP) proposal (4 December 2025). The press release is available here.
- Bank of England lowers capital requirements for UK banks (2 December 2025). For more details, see the Bank of England Financial Policy Committee’s assessment of bank capital requirements here.
- NBFI / System-wide exploratory scenario (SWES) exercise launched in various jurisdictions
-
- 4 December 2025: The Bank of England launched a second system-wide exploratory scenario (SWES) exercise focused on private markets. Read the press release here.
- 2 October 2025: The Autorité des Marchés Financiers (AMF), the Banque de France, and the Autorité de Contrôle Prudentiel et de Résolution (ACPR) jointly launched an exploratory System-Wide Stress Test exercise at national level in France. More details are available here.
- Market risk prudential framework (6 November 2025): The European Commission launched a targeted consultation on the application of the market risk prudential framework. The deadline for feedback is 6 January 2026.
Securitisation
- The Council Working Group (CWG) held discussions on the EU securitisation review package on 4 December and throughout November (6, 7 and 24 November). The Council General Approach can be expected before year-end. The European Parliament will further work on its position in the new year. The ECB also published its opinion on the securitisation proposals here.
Funds and Asset Management
- ELTIF Q&A (5 December 2025): ESMA published the European Commission responses to its ELTIF Q&A published earlier this year. The ESMA Q&A can be found here.
- AIFMD (21 October 2025): ESMA published its final report on the draft regulatory technical standards for loan-originating funds to maintain an open-ended structure, under the revised Alternative Investment Fund Managers Directive (AIFMD). The full report can be found here.
Sustainable Finance
- Omnibus I (CSRD and CSDDD) (9 December 2025): Council and Parliament arrived at a provisional agreement to simplify sustainability reporting and due diligence requirements to boost EU competitiveness. Read the press release here.
- ESG ratings (1 December 2025) The FCA has launched consultation paper outlining a proposed regulatory regime for providers of environmental, social and governance (ESG) ratings. The deadline for responses is 31 March 2026.
- Sustainable Finance Disclosure Regulation (SFDR) (20 November 2025): The European Commission proposals on amendments to SFDR were published on 20 November. The LMA has set up a dedicated SFDR think tank group which is reviewing and responding to the proposals. If you’d like to be involved, please contact Natalie Sinha (natalie.sinha@lma.eu.com) or Evelien Alblas (evelien.alblas@lma.eu.com)
- Transition Finance (3 November 2025): The UK’s Transition Finance Council launched a consultation on its Draft Transition Finance Guidelines. The deadline for feedback is 30 January 2026.
Recent LMA Policy and Regulatory Submissions
UK Financial Conduct Authority consultation on progress in funds tokenisation (21 November 2025)
Joint statement on investors’ views on the EU Securitisation Review (20 November 2025)
Financial Services Regulation Committee inquiry into the growth of private markets in the UK (17 October 2025)
Upcoming LMA Events and Meetings
NBFI roundtable (13 January 2026, Brussels)
Lunch roundtable discussion with the FCA on securitisation (4 February 2026, London)
LMA Public Policy & Regulation Committee (LMA Reg ExCo) meeting (4 February 2026, London)
Regulatory evening seminar (30 April 2026, Brussels)
Member briefing call covering key regulatory updates (to be held once every two months). Launching 2026 – stay tuned for more news!
LMA Regulatory Brochure
Download our information brochure to learn more about LMA’s voice in Public Policy & Regulation.
Key Contacts:
Hannah Vanstone
Head of UK & EU Public Policy and Regulatory Affairs
E: hannah.vanstone@lma.eu.com
Evelien Alblas
EU Regulatory and Public Affairs Manager
E: evelien.alblas@lma.eu.com
Follow us:
