The Loan Market Association (LMA) has published a practice note on applying the Sustainability-Linked Loan Principles (SLLP) to small and medium-sized enterprises (SMEs). The note provides proportionate guidance for lenders and borrowers where SMEs have limited sustainability data, reporting systems or resources, while confirming that it does not create a separate SME standard or modify the SLLP’s mandatory requirements. It addresses the selection of relevant and material key performance indicators, including the use of operational, qualitative or activity-based measures where appropriate, and the setting of sustainability performance targets where historical data or benchmarks are limited. It also outlines proportionate reporting and independent verification arrangements, including reliance on existing audited disclosures, regulatory reporting, certifications and reliable third-party data where suitable.

The Loan Market Association (LMA) has published its recommendations to enhance the EU securitisation framework, building on the European Commission’s recent proposal to amend the regulatory framework. The recommendations focus on three core objectives: boosting market confidence, removing investor barriers to provide broader EU access to the global securitisation market and stimulate issuance, and ensuring that capital and liquidity requirements remain proportionate. A detailed technical annex accompanies these proposals, highlighting the need for a clear, consistent, and balanced regulatory framework to restore investor trust and support the development of a genuine Savings and Investments Union in Europe.

The Loan Market Association (LMA) has published a form of drafting of an extension option for users of the LMA’s recommended forms of facility agreements for investment grade transactions. The users guide sets out the basis on which the extension option is drafted and highlights some of the negotiation points which may arise. This is available on the LMA's website to members only.

The Loan Market Association (LMA) has published recommended form versions of single currency euro exposure drafts, incorporating €STR-based fallbacks. The forms include the ISDA/Bloomberg EURIBOR-€STR Spread Adjustment, simplified temporary fallbacks and Central Bank Rate Adjustment drafting. The LMA has also updated its Users Guide to clarify the two-tier waterfall system, reference rates clause operation, and Italian law compliance requirements. These changes will be implemented across all LMA euro-referencing documentation.

The Loan Market Association (LMA) has responded to ESMA’s Consultation Paper on Securitisation Disclosure Templates focusing on the CLO market. The LMA’s view is that Option A is not the optimal solution, the adjustments proposed by Option B would not be appropriate, and that Option C would be optimal in the short term to provide relief to the market and address the more immediate concerns, while Option D would be a good long-term solution for all asset classes.

The Loan Market Association (LMA) has published its position paper responding to the EU Commission's sustainability omnibus simplification proposal, outlining five crucial recommendations for reform. The Commission's aim is to reduce the compliance burden, while the LMA emphasises the need for careful consideration to avoid unintended complexity.

The Loan Market Association (LMA) has published its response to the European Commission's targeted consultation on the competitiveness of the EU banking sector, representing the perspective of the trillion-dollar EMEA loan markets. The response highlights the importance of a more diversified and integrated European financing ecosystem, where bank lending is complemented by institutional capital sources, securitisation, and cross-border credit flows. The LMA emphasises that regulatory design and calibration play a central role in shaping banks' ability to compete globally and support investment in Europe's strategic priorities, including the green transition, digitalisation and defence. The response identifies well-functioning securitisation markets and consistent cross-border lending frameworks as key enablers of scalable financing. The submission reflects considerations within the context of the Savings and Investment Union and the wider competitiveness agenda, underscoring the role of deeper and more efficient capital markets in mobilising private investment at scale across the EU and reducing reliance on public balance sheets.

The Loan Market Association (LMA) has published its response to consultations by the Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA) on proposed reforms to the UK securitisation framework. The LMA supports the FCA and PRA’s move towards a more principles-based regime and calls for an investor-led approach to due diligence, more flexible risk retention and disclosure requirements, and the removal of overly prescriptive rules that could increase costs and limit UK investors’ access to international markets. The LMA states that securitisation, particularly collateralised loan obligations (CLOs), plays an important role in supporting financing to the real economy and enhancing the UK’s global competitiveness. It also urges the FCA and PRA to reconsider Undertakings for Collective Investment in Transferable Securities (UCITS) investment limits, which it says can constrain investment in securitisations and may not align with the structure of CLO transactions. The LMA further argues that the proposed reforms should go further to improve the efficiency and proportionality of reporting requirements, particularly regarding the proposed CLO-specific reporting template and states that the reforms should reflect market practice, support efficient capital flows and avoid discouraging participation in a market that remains important for corporate financing.

The Loan Market Association (LMA) has published its response to the Financial Stability Board (FSB)’s Evaluation of the Effects of the G20 Financial Regulatory Reforms on Securitisation consultation report, which wholly focused on Collateralised Loan Obligations (CLOs). The LMA believes that the regulation is unnecessary given the robustness of the product and made several suggestions.

The Loan Market Association (LMA) has published its response to HMRC’s consultation on simplifying treaty relief from withholding tax on interest paid overseas. The LMA supports proportionate improvements to the current framework to address operational and timing difficulties, including those arising in syndicated lending transactions and treaty relief assessments involving branch structures. It states, however, that any reforms should preserve certainty and avoid unintended consequences for market-standard loan documentation, gross-up provisions and the allocation of withholding tax risk between borrowers, lenders and other finance parties. The LMA also calls for sufficient lead time and appropriate transitional arrangements so that market participants can assess the implications of the reforms and implement any necessary changes. The implementation timetable should also allow the LMA to consult market participants and update its recommended documentation before the revised regime takes effect.

The Renewable Energy Sub-Committee (RESC) of the Lloyd’s Market Association (LMA) have published a revised version of the Obsolescence Clause. The revised version provides more information and example calculations.

The Loan Market Association (LMA) has published the second edition of the ‘External Review Guidance for Green, Social and Sustainability-linked Loans (SLLs)’, produced in collaboration with the Asia Pacific Loan Market Association and the Loan Syndications and Trading Association. This update clarifies the most common types of external review in the loan market and will hopefully generate increased liquidity for sustainable finance.