The purpose of this newsletter is to set forth the views of the Operational Risk Subgroup (AIGOR) of the Basel Committee Accord Implementation Group regarding the treatment of expected operational risk losses in Advanced Measurement Approaches (AMA). This newsletter was developed in response to requests from the industry for clarification on this issue, particularly with respect to the meaning of paragraph 669(b) of International Convergence of Capital Measurement and Capital Standards: A Revised Framework (Basel II Framework).