The consultation period on the Basel Committee's proposed Revisions to the Basel Securitisation Framework ended on 15 March 2013. With completion of the workbooks that will feed into the Basel Committee's Quantitative Impact Study (QIS) on the proposals not required until 29 March, a detailed analysis of the potential impact of the proposals is expected to take some time. Given that the initial consultation period was itself a condensed timeframe, it is not surprising that initial calls are for a further round of consultation and recalibration before the proposals are released in final form. The proposals in the December 2012 paper (see our Feature piece in Edition 2 of the SCM Briefing for more detail) were due to be followed up with a more "technical paper" that would explain in detail the assumptions behind the proposed changes and assist banks in their 'calibration' of the proposed changes so that they could feed in (in a meaningful way) to the QIS on the potential impact of the proposals. Two Working Papers were released by the Basel Committee in January 2013 which aim to provide that detail, separately covering the proposed Modified Supervisory Formula Approach (MSFA) and the proposed Revised Ratings Based Approach (RRBA). Both papers are extremely technical in that they describe the modelling frameworks underlying both the proposed MSFA and RRBA and contain a series of calculations showing how the various elements of the two proposed new approaches would be calibrated in practice. We understand that a set of Instructions on completing the QIS workbooks have also been circulated to banks. The results of the QIS will no doubt be crucial in shaping the next steps of the Basel Committee's work in the securitisation area.