BCBS – Issued progress report on Basel III implementation.

October 14, 2021 – BCBS – Issued progress report on Basel III implementation.

Progress Report
The report sets out adoption status of Basel III standards as of end-September 2021. It covers the Basel III post-crisis reforms published by the Committee in December 2017. As well as the finalized minimum capital requirements for market risk of January 2019. These reforms are due to take effect from January 1, 2023, as announced by the Governors and Heads of Supervision in March 2020.

Summary and Dashboard
Since the previous report, published in July 2020, member jurisdictions have made further progress in adopting the Basel III standards despite disruptions from Covid-19. Adoption of Basel has led to a required shift in regulatory and supervisory priorities. The report is complemented by a newly developed dashboard to reflect the full history of Basel III implementation and provide an overview of the progress to date. Dashboard will be updated regularly; will replace existing series of report publications. The Group of Central Bank Governors and Heads of Supervision has consistently reaffirmed its expectation of full, timely and consistent implementation of all elements. And, as reflected in its work program, BCBS will continue to monitor implementation. In addition to reporting on status of adoption, all Committee member jurisdictions undergo an assessment of consistency of their domestic rules with Basel standards. That work is expected to resume soon after it was suspended in 2020 due to Covid-19.

For more information, visit www.bis.org.

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