This edition of Loans Magazine provides members with valuable content on the latest developments in and around the loan market. It begins with Lee Shaiman’s letter to membership followed by an overview of the LSTA’s advocacy efforts. We continue with a series of articles on the market, including an analysis of BSL secondary activity, and insights from the LSTA/DealCatalyst Middle Market CLOs & Direct Lending Conference. Next, the edition features an update on LIBOR transition and a look at the importance of human capital in loan operations. Finally, we pivot to Policy & Legal, with an overview of the SEC’s “Regulatory Raceway”, U.S. ESG regulations, and the LSTA’s DQ Structure.