The third consultative paper on the new Capital Adequacy Framework Accord was released to market participants at the end of April, and the Basel Committee has set a July 31 deadline for comments before making the final modifications expected by the end of this year. Market sources warn that this will be the last chance that industry players have to voice concerns regarding how the regulation will affect securitizations going forward.

"People need to speak even louder because this is very real and the deadline is looming right on schedule," said one source. "There are still a number of issues that can have serious implications for certain areas of this industry."

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