Last week, The American Banker, a sister publication of ASR, reported that the proposed capital adequacy guidelines issued by Bank of International Settlements will be delayed another year, with a third revision introduced during the first quarter.

Apparently, there are enough modifications being implemented to warrant another round of commentary. According to the Banker, just days before the revision was announced, the Federal Reserve Bank of New York had insisted the final version of the guidelines was set for year-end.

According to an industry source, "This is not a good sign for U.S. regulators who had taken the lead on securitization issues."

However, the delays do not seem to be specifically associated with securitization issues, although it will give the regulators a chance to tie up loose ends and refine some of the securitization provisions, the source said.

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