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.

On 20 November 2025, the LMA 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).  

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.

On 21 October 2025, ESMA released their final report on the draft regulatory technical standards (RTS) for open-ended loan-originating alternative investment funds (OE LO AIFs). 

The LMA responded to ESMA's consultation on the draft RTS in March this year and we are pleased to see that a number of our suggestions have been adopted, including:

• the removal of the requirement for AIFMs to determine a target appropriate amount of liquid assets;

• reduced liquidity stress testing frequency; and

• the exclusion of ESG and innovation related aspects from the RTS.