Latest News
LMA responds to ESMA consultation on the revision of the disclosure framework for private securitisation
The LMA welcomes ESMA’s general approach to template reform as set out in the Consultation Paper and supports the implementation of a simplified template for reporting of private securitisations in the short-term, ahead of the outcome of the Commission’s broader Securitisation Regulation review. In particular, we believe that a simplified template should be made rapidly available for CLO reporting in order to provide relief for CLOs from the unduly onerous reporting burden under the current regime.
However (as set out in more detail in our response), ESMA’s proposal that the simplified template should only be made available for transactions where each sell-side entity is established in the EU is likely to limit applicability to European CLOs as very few will meet this requirement. Unless the issues mentioned in our response can be adequately addressed by ESMA, our preference would be to retain the current template reporting regime pending the outcome of the Commission’s broader Securitisation Regulation review
To read our consultation response in full, please click here.
LMA Board Update | March 2025
Friday, 21st March marks Charlotte Conlan’s official final day at BNP Paribas. Charlotte will also be stepping down as Chair of the Loan Market Association. We would like to congratulate her on this next chapter of her life and extend our deepest thanks for the tremendous work she has done for the LMA.
We are pleased to welcome Martin H. Luehrs, Head of Global Capital Markets at Morgan Stanley, as the new Chair. He will be supported by Paul Gibbon (SMBC), Doug Laurie (Barclays), and Michael Craig (Invesco) as Vice-Chairs.
LMA Publishes Updated Green, Social and Sustainability-Linked Loan Principles
Today, The Loan Market Association, in collaboration with Asia Pacific Loan Market Association (APLMA) and the Loan Syndications and Trading Association (LSTA), published the updated Green, Social and Sustainability-Linked Loan Principles (‘Principles’) and corresponding Guidance documents (‘Guidance’). The Principles set out the core components for these labelled instruments, whilst the corresponding Guidance provides the definitive framework for structuring Green, Social, and Sustainability-Linked Loans.
Developed by an experienced working party of financial institutions, law firms and external review providers at the forefront of sustainable finance, the Principles and Guidance are designed to reflect market best practice, and provide a foundational tool to protect the integrity of the labelled loan market.
The past five years have experienced considerable growth in the labelled loan space and, as such, market practice is in a constant state of evolution. Accordingly, the Principles and Guidance will continue to develop in line with these changes, with the March 2025 updates reflecting the latest market developments.
LMA publishes its first-ever Sustainable Finance Insights Report on Greenwashing: Understanding and Navigating the Impacts for the Loan Market.
Today, we want to give a special shoutout to our dedicated members – along with participants from across the wider banking and private credit markets – for their invaluable contributions to the LMA’s first-ever Sustainable Finance Insights Report on Greenwashing: Understanding and Navigating the Impacts for the Loan Market. A special thank you to Hannah Vanstone (LMA) and Sukhvir Basran (King & Spalding) for their tireless efforts in bringing this report to life.
Key insights from the report:
- How banks and private credit fund managers are responding to new UK and EU regulations.
- The impact of greenwashing on demand for GSS loans.
- Measures being taken to address greenwashing risks.
- Key challenges and opportunities for mitigating these risks.
Explore more
LMA responds to ESMA consultation on draft RTS for open-ended loan originating AIFs
Today, we responded to ESMA’s consultation on the draft Regulatory Technical Standards on open-ended loan originating alternative investment funds.
The LMA welcomes ESMA’s approach in providing a harmonised implementing framework tailored to the specificities of OE LO AIFs, allowing managers to demonstrate to their respective NCAs that they can maintain an open-ended structure.
We believe that the framework should be aligned with market trends aimed at meeting investors’ increasing demands for alternative investment strategies with a liquid profile.
Read the full response here
The LMA has today responded to the Commission’s call for evidence on the creation of a Savings and Investments Union.
The EU faces a complex global economic landscape with rising competition, rapid technological advancements, and the need for strategic investments. Strong banking, capital markets, and diverse financing channels are crucial to supporting European businesses—especially SMEs, scale-ups, and infrastructure projects—ensuring they can grow and compete globally
Please read the full response to see our recommendations to the Commission.
Today the LMA submitted its response to the FSB Consultation on Leverage Risks in NBFIs
Thank you to all our buy-side and sell-side members who contributed their insights to the response. Your feedback has been instrumental in shaping the LMA’s response and ensuring that the collective voice of the market is heard.
Our key points focus on the need to take account of the diversity of:
(i) NBFIs themselves;
(ii) the activities they undertake; and
(iii) the ways in which they use leverage.
Click below to see the response.
LMA Fund Finance Insights: The history and evolution of fund finance in Middle East & Africa
The LMA is pleased to have published the second in its series of Fund Finance Insights papers. These are intended to enhance understanding of this growing asset class.
This second Fund Finance Insights paper builds on the previously published Insights exploring the history and evolution of fund finance in Europe. The latest Insights paper turns to the evolving fund finance market in Middle East and Africa.
The evolving outlook for NAV financing
There has been much talk about the growing role of NAV financing in fund finance. Whilst this is not a new product, it has been receiving increasing attention. In this LMA Talks Loan Markets we sat with market senior leader to unpack the future of NAV financing.
LMA publishes Fund Finance Glossary
The LMA is pleased to have published a Fund Finance Glossary. This is intended to help drive efficiency in, and understanding of, the market.
The fund finance market is increasingly in focus and is ever evolving. Different terms are often used to describe the same thing (think sublines and capital calls) and there can also be instances of parties speaking at cross-purposes (think recyclable and recallable capital). This can create inefficiencies in practice.
Article 118-bis - Italian Consolidated Law on Banking
Article 118-bis requires loan agreements to include clauses dealing with benchmark changes. This can also impact English law loan agreements. We continue to work proactively with our members on this, including through the EURIBOR Fallbacks Task Force, to assist efficiency in the market.
LMA sets out high-level recommendations on Sustainability Omnibus Proposal
The LMA has today published its high-level position paper on the EU’s First Omnibus package on sustainability.
To read the full response, please click here. If you’d like to find out more, please contact hannah.vanstone@lma.eu.com.
LMA responds to HM Treasury consultation on UK Green Taxonomy
Yesterday, the LMA submitted its response to HM Treasury’s consultation on the value case for a UK Green Taxonomy.
A copy of the consultation response can be found here.
Fund Finance Insights series
The Loan Market Association (LMA) is delighted to announce the release of the first in our Fund Finance Insights series, an initiative aimed at enhancing understanding and engagement with this vital asset class.
Our inaugural paper, Tracing the History and Evolution of Fund Finance in Europe, uncovers the long-standing tradition of innovation and resilience within fund finance, challenging the perception that it is a relatively recent phenomenon.
Expand your Horizons
Our quarterly publication offering thought-provoking commentary and expert perspectives on sustainable finance.
Download PDF versions of past issues you may have missed.
Recent Blog Posts
On Demand Events
Bookable Events
Recent Activity
Popular Resources
Recent Activity
Regulation (26 March 2025)
LMA responds to European Commission call for evidence on amendments to the Taxonomy Delegated Acts
Regulation (7 March 2025)
The LMA responds to the Commission’s call for evidence on the creation of a Savings and Investments Union.
Documentation (27 February 2025)
LMA Response to the FSB Consultation on Leverage Risks in NBFIs
Regulation (18 February 2025)
LMA Position Paper Sustainability Omnibus Simplification Proposal (the Omnibus)
Regulation (6 February 2025)
LMA responds to HM Treasury consultation on UK Green Taxonomy
Documentation (17 December 2024)
LMA publishes documents on EURIBOR and interbank term rate fallbacks
Documentation (27 September 2024)
LMA publishes exposure draft RFR terms for use with South African Replacement of Screen Rate Clause
Documentation (23 September 2024)
LMA publishes Leveraged Focus note on the key differences between a TLB and LMA leveraged covenant package
Documentation (5 September 2024)
Synthetic US dollar LIBOR: FCA publishes 1-month to go reminder
Regulation (2 September 2024)
LMA responds to FSB's Evaluation of the Effects of the G20 Financial Regulatory Reforms on Securitisation consultation report
Documentation (30 August 2024)
South Africa: MPG Legal Industry Webinar - 10 September
Regulation (7 August 2024)
LMA responds to ESMA’s Call for Evidence on the review of the UCITS Eligible Assets Directive
Popular Resources
Website overview video
Watch our video overview of the LMA website providing a virtual tour of the site to help you locate all the interesting and latest content.
LIBOR Transition Glossary
This glossary covers key terms related to the transition from LIBOR to near risk-free rates ("RFRs").
Sustainable Lending Glossary
The sustainable lending glossary will aid transparency of terms in this rapidly evolving area of the market.
Green Loan Principles (GLP)
The GLP have been developed by an experienced working party with a view to promoting the development and integrity of the green loan product.
Sustainability Linked Loan Principles (SLLP)
Sustainability linked loans aim to facilitate and support environmentally and socially sustainable economic activity and growth.
Social Loan Principles (SLP)
The SLP aim to create a high-level framework of market standards and guidelines, providing a consistent methodology for use across the social loan market.
LMA Secondary Settlement Statistics
Collation of settlement statistics from major European trading banks
Understanding the Loan Market
E-learning course comprised of 10 modules providing an overview of the loan market.
EU Bail-in Legislation Schedule
As part of the co-operation between the LMA, LSTA, APLMA and also ICMA, each of their forms of bail-in clause refer to a common EU Bail-In Legislation Schedule, which has been prepared by the LMA, in order to describe the relevant national implementation legislation and write-down and conversion powers.