On 25 March 2009, the European Commission (Commission) published a staff working document prepared by the Commission services on possible changes to the Capital Requirements Directive (2006/48/EC and 2006/49/EC) to strengthen capital and disclosure requirements for the trading book and complex securitisations. The possible changes to the CRD which are outlined in the document involve (i) strengthening capital requirements in the trading book, (ii) raising capital charges for certain securitisation exposures and (iii) upgrading risk management and disclosure standards for securitisation positions.