United Kingdom: Securitization & Structured Finance

The UK Financial Conduct Authority and Bank of England have released a joint feedback statement on tokenisation in wholesale financial markets, addressing industry responses on regulatory treatment, collateral mobility, and settlement frameworks. The regulators outline their commitment to providing clarity on prudential treatment while maintaining technology-agnostic principles, with a comprehensive Tokenisation Roadmap expected later in 2026. Additionally, the FCA has launched a separate consultation explo

UK defined benefit pension schemes are transferring an estimated £600bn in assets to insurers over the next decade, creating unprecedented opportunities in the pension risk transfer market. As insurers seek long-dated, liability-matched assets to back annuities, private credit managers are developing innovative structures to meet matching adjustment requirements and capture this growing demand.

The infrastructure capital stack is undergoing significant transformation as equity markets consolidate at the top while creating mid-market opportunities, private debt emerges as a bankability indicator for maturing sectors, and fund finance structures become increasingly sophisticated. This evolution is reshaping how capital is deployed, structured, and exited across the infrastructure investment landscape...

The UK is undertaking a significant overhaul of its securitisation regime, moving from prescriptive rules to a principles-based framework that would ease investor verification burdens, simplify transparency requirements, and introduce targeted exemptions. The proposed reforms by the FCA and PRA aim to reduce compliance costs and provide greater flexibility for UK investors, though they may increase divergence from EU securitisation rules and complicate cross-border transactions.

Loan-on-loan financing structures have become essential in commercial real estate lending, enabling credit funds to leverage originated loans. As this back leverage technology expands beyond CRE into other asset classes, practitioners must navigate complex securitisation regulations, capital treatment considerations, and intricate documentary requirements that balance lender control with underlying asset performance.

Private capital markets have transformed substantially over the past decade. Private credit has established itself as a mainstream asset class, sponsor-backed mid-market buyouts have grown increasingly sophisticated...

A&M's PAG team was the sole arranger for Aareal Bank AG's (Aareal) first synthetic significant risk transfer (SRT) securitization referencing a €2 billion commercial real estate (CRE) portfolio partnering with funded and unfunded investors.

On 9 October 2025, the Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA) published policy statements PS25/13 and PS16/25 respectively...

The decision considers who has legal standing to enforce a debt where the lender retains legal title but has assigned the beneficial interest...