Real estate finance (REF) transactions are either investment finance transactions or development finance transactions, depending on whether the property is being purchased as an investment (ie it is already generating revenue) or whether the property is being purchased to be developed. Development finance transactions are more complex than investment finance transactions although they are less commonly encountered. For a general introduction to real estate finance development facilities, see Practice Notes: • Introduction to real estate finance—the lending structure, and • Real estate finance—development facilities—key features The Loan Market Association (LMA) has produced a recommended form of facility agreement for use in real estate finance development transactions together with a user guide, both of which are available to members of the LMA—see the Single Currency Term Facility Agreement for Real Estate Finance Single Property Development Transactions (LMA REF Development Facility Agreement) and user guide on the LMA website. Real estate finance transactions can vary considerably and the LMA recognises in its user guide that it is difficult to produce a

Real estate finance (REF) transactions are either investment finance transactions or development finance transactions, depending on whether the property is being purchased as an investment (ie it is already generating revenue) or whether the property is being purchased to be developed. Investment finance transactions are more commonly encountered than development finance transactions. For a general introduction to real estate finance investment facilities, see Practice Notes: • Introduction to real estate finance—the lending structure, and • Real estate finance—investment facilities—key features The Loan Market Association (LMA) has produced a recommended form of facility agreement for use in real estate finance investment transactions together with a user guide, both of which are available to members of the LMA—see the Single Currency Term Facility Agreement for Real Estate Finance Multi-property Investment Transactions (LMA REF Investment Facility Agreement) and user guide on the LMA website. Real estate finance transactions can vary considerably and the LMA recognises in its user guide that it is difficult to produce a true 'standard form' document for

The Loan Market Association (LMA) has published a collection of documentation to aid industry participants with implementing more robust fallbacks specifically to EURIBOR, but also to other interbank term rates.

The Loan Market Association (LMA) has published a response to HM Treasury's consultation on the UK green taxonomy, endorsing the government's objectives but advising against prioritising its development. While acknowledging the use of taxonomy towards enhancing transparency and mitigating greenwashing risks; the LMA highlights significant implementation challenges, including: complexity and resource intensity. The association also emphasises that the recently introduced Financial Conduct Authority's anti-greenwashing rule, already address many of the intended objectives.

The Loan Market Association (LMA) has published its response to the European Securities and Markets Authority’s (ESMA) call for evidence on the review of the Undertakings for Collective Investment in Transferable Securities (UCITS) Eligible Assets Directive (EAD). The LMA suggests that loans should constitute eligible assets for UCITS due to their relative lack of complexity as a debt product and strong track record of delivering attractive returns, low volatility, and low loss rates.

The Loan Market Association (LMA) has submitted its response to the European Securities and Markets Authority’s (ESMA) consultation on draft regulatory technical standards for open-ended loan originating alternative investment funds. The response endorses ESMA's harmonised framework while advocating for a measured approach to authorisation and liquidity requirements, the need to align regulation with the EU's Savings & Investments Union objectives and financial sovereignty goals, while maintaining appropriate investor protections.

The Loan Market Association (LMA) has submitted a response to Financial Conduct Authority consultation CP25/28 on progressing fund tokenisation, highlighting how the proposed model for tokenised fund units and settlement assets could reduce friction across loan value chains. The LMA supports the FCA's outcomes-based approach to token standards while identifying barriers including unclear tax treatment, cross-jurisdictional recognition issues, and integration challenges with existing market infrastructure.

The Loan Market Association has responded to the International Organization of Securities Commissions (IOSCO)’s Final Report on Leveraged Loans and Collateralized Loan Obligations (CLOs) Good Practices for Consideration. The LMA welcomes the report and has stated that the proposed measures appear to be drafted in a way that is more consistent with loan markets.

The Loan Market Association (LMA) has responded to the Transition Finance Market Review (TFMR) call for evidence on how to make the UK a global hub for transition finance. The LMA highlights some of the current obstacles to transition finance in the loan markets and how the UK government can catalyse financing for transition activities.

The Lloyd's Market Association (LMA) has revised its guidance note LMA24-012-AR accompanying LMA3100A and LMA3200 to take into account requests for clarification from the market. The aim of the clauses was to ensure no service (cover) was provided to any sanctioned persons, activities, or geographies as described. In terms of the UK government, it was confirmed that these are suitable clauses for use in the Oil Price Cap guidance that has recently been issued.

Following amendment of the Australian Terrorism Insurance Act 2003 to make provision for the creation of a cyclone insurance pool, the Lloyd’s Market Association (LMA) has updated the Australia Terrorism and Cyclone Insurance Act Notice (NMA2984) to reflect the revised title of the Act, now known as the Terrorism and Cyclone Insurance Act 2003.

The Loan Market Association (LMA) has updated the Canadian Overnight Repo Rate Average (CORRA) Schedule and the compounded Tokyo Overnight Average Rate (TONA) Schedule to reflect the updated definition of the 'Daily Rate' in the IG compounded rate documents. The updates provide for an interim fallback to a historic rate (prior to the application of a central bank rate plus any adjustment spread) and are available through the LMA’s website to LMA members only.