Today, the European Commission published the responses to the consulation on securitisation within the CMU project. The Commission received 120 responses, indicating the great level of interest in this issue from many different stakeholders. As we understand it, these responses will be reviewed with a view to the Commission publishing a concrete proposal in September of this year. This proposal will center on a definition of "simple, transparent and standardised" securitisation and a regulatory infrastructure bifurcated around such definition. Issues which we believe remain still very much open are the inclusion of rules around synthetic securitisations, asset backed commercial paper conduits and the best way to "operationalise" the regulations to avoid regulatory uncertainty or costs undermining the project's capacity to help fund economic recovery. On the latter point, PCS has published two substantial analyses of the issues raised and their possible solutions: "The illusory promise of self-attestation" and "Certification in the context of a regulatory framework for securitisation".