Private credit – seen through a regulatory lens

Private credit has dominated financial headlines in recent months, with conflicting signals about its risks and potential. In this article, published in Tijdschrift voor Financieel Recht (June 2026), Marit van Zandvoort, Marloes van der Werf and Stan van den Berg cut through the noise. They explain what private credit actually is, distinguishing it from related terms like private debt, shadow banking and NBFIs. They also examine how private credit is interwoven with banks, insurers and pension funds, and the systemic risks that this interconnectedness can create.

The authors then analyse the current European regulatory framework in detail, looking at the new loan-origination rules under AIFMD II, the look-through obligations for banks and insurers under the CRR and Solvency II, and the increased flexibility for securitisation positions following the Solvency II framework revision. They conclude that while existing rules provide meaningful safeguards, there is a lack of transparency around interconnected exposures.

You can find the article is available in Dutch and can be accessed here. You can also contact our experts directly for a copy or English translation.