10th July 2012 BIS – Progress report on Basel III implementation
At its September 2011 meeting, the Basel Committee agreed to commence a process to review members’ implementation of Basel III. Full, timely and consistent implementation of Basel III will be fundamental to raising the resilience of the global banking system, in maintaining market confidence in regulatory ratios and in providing a level playing field. The review process is intended to provide additional incentives for member jurisdictions to fully implement the standards within the agreed timelines.
This report provides a high-level view of Basel Committee members’ progress in adopting Basel II, Basel 2.5 and Basel III, as of end March 2012. It focuses on the status of domestic rule-making processes to ensure that the Committee’s capital standards are transformed into national law or regulation according to the internationally agreed timeframes. The Committee believes that disclosure will provide additional incentive for members to fully comply with the international agreements. This report updates the Committee’s October 2011 progress report.
13th June 2012 How Basel III will be implemented – CRDIV
Following publication of CRD II and CRD III, the Commission published further consultations on amendments to the CRD, in February & October 2010 (February 2010 consultation and October 2010 consultation). These consultations focused on amendments such as the definition of capital, further counter-cyclical measures, quantitative liquidity standards, counterparty credit risk, systemically important financial institutions, and countercyclical buffers.
Following this consultation, the Commission published its proposed legislation for the Capital Requirements Directive (CRD) and the Capital Requirements Regulation (CRR), which together form the CRD IV package, on 20 July 2011. As well as reflecting the Basel III capital proposals, the CRD IV package also includes new proposals on sanctions for non-compliance with prudential rules, corporate governance and remuneration. These changes are due to be implemented from 1 January 2013 (there will be transitional arrangements for some elements).