Although the Basel Committee recently put out for comment proposals specifically addressing securitization, industry sources believe the final ruling is still a ways off, possibly another year or more.

"You could call it an interim paper, through which the Basel Committee is seeking further industry input on minimum capital requirements for securitizations," said George Miller, counsel for both the Bond Market Association and European Securitization Forum. "The input they receive presumably would be factored into a comprehensive re-proposal of the entire accord, that we expect to be issued for comment sometime early next year."

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