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In an article for Business Law Today, Cadwalader partner Alix Prentice examined the the EU’s sixth Capital Requirements Directive (CRD VI), which takes effect January 11, 2027 and introduces significant restrictions on cross-border lending by non-EU banks into Europe.
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Efficiency, flexibility and speed are core features of subscription credit facilities.
The first round of U.S. quarterly bank call reports for 2026 provided several notable datapoints for fund finance lenders:
- C&I bank may be entering a durable uptrend as banks regain share from private credit and regulatory capital revisions line up to add support.
- We read increased momentum in C&I as a positive signal for overall commercial lending appetite and as an indicator of support for the sponsor ecosystem.
- NDFI lending data appears to have moved through the reclassification noise of prior quarters, and growth in the segment continues.
- Within this category, lending to business credit intermediaries ticked materially higher during the quarter, likely pointing to liquidity demand at private credit borrowers translating to revolver draws.
Members of our London Fund Finance team attended the Loan Market Association’s (LMA) inaugural Fund Finance Conference on 13 May 2026.
This week the Loan Market Association ((“LMA”) published a paper on the introduction of Article 21(c) of the EU’s Capital Requirements Directive1 (Article 21c) (the LMA Paper).
Fund formation legal fees are fundamentally misaligned, requiring LPs to shoulder fund formation costs without input into the selection of counsel, the setting of the legal budget, and cost controls, according to ILPA guidance on the topic issued this week.
Cadwalader Partner Patrick Calves and Manager of Professional Development Michael Tenenhaus will participate in the Careers in Finance Law program at the New York City Bar Association on Tuesday, June 9, from 6:00 p.m. to 8:00 p.m.
Gregory Garrabants, President and CEO of Axos Financial, has been announced as the second keynote speaker for the inaugural FFA Fall Forum on Thursday, October 15 in New York.
The Fund Finance Association is now accepting nominations for the 2026 Rising Star Awards.
Earlier this week, Cadwalader hosted a Night Market in collaboration with Lloyds North America's REACH affinity group in celebration of Asian American, Native Hawaiian & Pacific Islander Heritage Month.