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June 18, 2025
Cadwalader partner David Quirolo was quoted in a recent Global Capital article analyzing the European Commission’s proposed amendments to the EU’s securitization framework, which go beyond expectations by including reforms to the Liquidity Coverage Ratio (LCR).
While market participants had anticipated changes to the Capital Requirements Regulation (CRR) and Securitization Regulation—based on a previously leaked draft—they were surprised to see LCR reforms included in the official proposal.
David acknowledged the positive aspects of the proposal but expressed concern that it may not fully revitalize the European securitization market.
“While the proposals do include some helpful changes, the hope was that it would go further to ease some of the regulatory burden on investors and issuers,” he said. “[Which would] result in increased issuance and a wider investor base for securitisations. These proposals seem to fall short of that.”
Read the full article here (subscription required).