Private credit comes under scrutiny from US regulators
Global watchdogs sounded the alarm, then European central bankers weighed in with concerns about systemic risk. Now US lawmakers and regulators are putting private credit under the magnifying glass

ECB warns of private credit cross-border risks, opacity
Private credit in isolation poses limited risks to financial stability, but the European Central Bank says it is still concerned about spillover

New SEC enforcement director puts private credit funds under the microscope
The US regulator is monitoring stresses in some portfolios as well as risks related to liquidity, valuations, conflicts of interest, and fees, the new enforcement chief said in a speech

Luxembourg embraces fund tokenisation to court retail investors but concerns over centralised EU supervision linger
Grand Duchy emphasises innovation stance; concerns EU oversight may slow innovation

US regulator rolls out safe harbor proposal to get alts into retirement accounts
The Department of Labor proposed regulation provides process-based safe harbors to defined contribution plan fiduciaries to select private market investments

Securitisation market pushes back on key elements of Commission reform
European Parliament rapporteur moots industry-friendly changes to proposals; respondents bristle at definitions of ‘public’ securitisations

US senator slams regulators’ hands-off approach to bank, private credit oversight
In a new letter, Senator Elizabeth Warren accused Scott Bessent, US Secretary of the Treasury and Chair of the Financial Stability Oversight Council, of sabotaging the FSOC’s authorities and pushing deregulation

US regulators walk back post GFC leveraged lending restrictions
The OCC and FDIC now say the guidance was overly restrictive and that banks should rely on general risk management principles to manage their leveraged lending activity

Australian regulator joins chorus voicing private-credit concerns
ASIC has warned of sector failings in Australia’s private-credit market and suggested legal reform

Regulators will see the benefits of private credit – Blackstone
The resilience of private credit will become clear following a review of the sector by UK regulators, says Blackstone’s Daniel Leiter

BoE to update on private credit stress test before Christmas
EXCLUSIVE: An exploratory scenario test for private credit is in the works, following risk warnings from Governor Andrew Bailey

Private credit inflows face uphill battle even as 401(k) doors open
Although US President Trump’s executive order opens defined contribution retirement plans like 401(k)s to private credit investments, a sudden and meaningful rise in inflows is unlikely 

Presidential order opens private credit access to US retirement investors
US President Donald Trump signed an executive order to repeal a regulation that forbids certain US retirement accounts like 401(k)s from adding alternative assets such as private debt

AFME calls for investor-friendly adjustments to EC securitisation reforms
AFME while welcoming the new European regulatory reform proposals has called for further changes

EC securitisation proposals “a big step in the right direction”
The new European Commission proposals for the securitisation market are “a big step in the right direction” and may attract more investors

SEC to consider opening private funds to retail investors
US retail investors, deemed too small and unsophisticated to invest in private assets like private credit, represent trillions in untapped assets

Bessent compares Trump to Milken, champions bank deregulation
The US Treasury Secretary also noted that the growth of private credit is a sign the banking system has been too tightly constrained

Private credit funds, partner banks present risks as global growth slows—IMF
Private credit funds and their partner banks can face losses as a slowing economy will challenge borrowers’ ability to repay loans

UK regulator puts SRT financing under the microscope
ANALYSIS: UK's Prudential Regulation Authority has flagged concerns about banks’ collateral management when providing investors leverage for SRTs

Regulators scrutinise fund loans

Private credit managers need valuation process around market events - UK regulator
The FCA released a private markets review recommending firms identify and manage potential issues around valuations, especially those conducted as a result of asset-level or market events.

Institutional loans set records while ratings agency data diverges
It isn’t just the CLO market breaking records this year. Loan volumes are also continuing to set records, according to the latest Debtwire data for November.

Credit funds brace for increased scrutiny from regulators
The Securities and Exchange Commission’s Division of Examinations urged advisers to private funds, which include private credit managers, to prepare for increased scrutiny 

New AIFMD directive imposes leverage limits for European direct lending
The Council of the European Union has rolled out new regulations that should streamline the origination process for direct lenders at the cost of strict limits of leverage for funds

In Kirschner fallout, lenders may be asked to rep that they aren’t investors

Our Xtract Research team explores an unexpected outcome from the recent Kirschner ruling