On July 1, 2015, the Basel Committee announced a review of the Credit Valuation Adjustment Risk Framework. The objectives of the review include ensuring that all important drivers of CVA risk and CVA hedges are covered in the Basel regulatory capital standard. Further, the review will align the capital standard with the fair value measurement of CVA employed under a number of accounting regimes and ensure consistency with the proposed revisions to the market risk framework under the Basel Committee’s Fundamental Review of the Trading Book.

The consultation paper is available at: http://www.bis.org/bcbs/publ/d325.pdf and the press release is available at: http://www.bis.org/bcbs/publ/d325.htm