The Basel Committee on Banking Supervision has today issued the Eighteenth progress report on adoption of the Basel regulatory framework.
Among the highlights:
- Report sets out the adoption status of Basel III standards in member jurisdictions as of end-May 2020
- Report shows further progress in implementing these standards since previous report in October 2019
- Committee will continue to closely monitor the implementation of Basel III reforms
The progress report sets out the adoption status of Basel III standards for each Committee member jurisdiction as of end-May 2020. It includes the Basel III post-crisis reforms published by the Committee in December 2017 and the finalised minimum capital requirements for market risk in January 2019. According to the announcement made by Governors and Heads of Supervision in March 2020, these reforms will take effect from 1 January 2023.
Since the previous report, published in October 2019, member jurisdictions have made further progress in adopting the Basel III standards. In addition, members have taken a wide range of measures to respond to the financial stability priorities arising from the Covid-19 pandemic.
The Group of Central Bank Governors and Heads of Supervision, the oversight body of the BCBS, has consistently reaffirmed its expectation of full, timely and consistent implementation of all elements of these reforms and the Committee said it will continue to closely monitor their implementation.