In December 2013 the Basel Committee on Banking Supervision (BCBS) published a second consultation paper (BCBS 269)1 on its proposed changes to the international model rules for banks’ calculation of credit risk capital requirements for exposures to securitisation transactions (Revised Proposal). The Revised Proposal follows the BCBS’s first consultative document on this subject (BCBS 236) published in December 2012 (First Proposal),2 and includes the proposed text of the revised securitisation framework. Comments on the Revised Proposal are due 21 March 2014.