The Capital Markets Recovery Package ("CMRP") amended the Capital Requirements Regulation ("CRR") in several aspects, including a preferential treatment for senior tranches of simple, transparent and standardised ("STS") on-balance-sheet securitisations. It also introduced a provision on how to determine the exposure value of SES in synthetic securitisations. The proposals set out in this Consultation Paper will contribute to a more risk sensitive prudential framework in the area of synthetic securitisation. The consultation runs until 14 October 2022.