Edition 3 of this SCM Briefing noted that the European Banking Authority (EBA) had issued a Discussion Paper inviting comment on its proposed methodology for assessing which specific assets will be eligible for inclusion in the definition of "High Quality Liquid Assets" (HQLA) for the purposes of the Basel III / Capital Requirements Directive IV (CRD IV) Liquidity Coverage Ratio (LCR). The European Commission was due to adopt a new Delegated Act under CRD IV specifying the definition, calibration, calculation and phase-in of the LCR for implementation in 2015, based on the advice contained in the EBA's Discussion Paper. Importantly, this Delegated Act will specify the appropriate definitions of "high" and "extremely high" liquidity and credit quality of transferable assets for the purposes of the HQLA definition under the LCR, and in particular, the definition of "RMBS of high liquid and credit quality". The European Commission was due to prepare its Delegated Act by 30 June 2014, however, that deadline has now been (informally) pushed back, to September 2014. This delay is expected to give the European Commission additional time to consider how to incorporate the concept of "high quality securitisation" within the LCR definitions, and may also allow scope for a wider range of securitisations to be regarded as HQLAs, beyond the limited category of RMBS that currently may comprise Level 2B assets for the purposes of the LCR.