A recently released EU legislative package aims to facilitate the reduction of non-performing loans ("NPLs") held by European banks now and in the future. However, it contains unexpected measures which are not confined to NPLs and which will bring significant change to practice in the existing secondary loan market and also the primary loan market. These include compulsory levels of disclosure and reporting requirements on loan transfers to non-banks; a requirement for pre-enforcement notification by non-bank lenders; and potential regulation of facility agents and credit fund managers as "loan servicers". Although the package is going through the EU legislative process there is an opportunity for market participants to submit feedback which will inform the legislative debate. The window for feedback is currently scheduled to close on 8 June 2018.