Before revision:  The measurement equation models the contemporaneous dependence between the realized measures (e.g. Realized Variance and Realized Range) and the latent conditional quantile. Further, sub-sampling and scaling methods are applied to both the realized range and realized variance, to help deal with the inherent micro-structure noise and inefficiency.
After revision:  The measurement equation models the contemporaneous dependence between the realized measures (e.g. Realized Variance and Realized Range) and the latent conditional ES.