New Telegraph 
Member jurisdictions of the Basel Committee on Banking Supervision have made significant progress in adopting the Basel III reforms over the past year, according to the Committee’s latest progress update.
The update and monitoring dashboard set out the jurisdictional adoption status of the Basel III standards as of end-September 2024.
They cover the final elements of Basel III published by the Committee in December 2017 and the finalised minimum capital requirements for market risk of January 2019.
The implementation date for these reforms was 1 January 2023, as announced by the Governors and Heads of Supervision (GHOS) – the Basel Committee’s oversight body – in March 2020.
According to a press release, “since the last progress update as of end
September 2023, around half of the Committee’s 27 member jurisdictions published final rules for the revised credit risk, market risk and operational risk standards as well as the output floor.
As a result of this progress, more than two thirds of member jurisdictions have now published final rules for all the final elements of Basel III and these standards are in force (implemented by banks) in more than a third of member jurisdictions.”
The statement further said: “At the 13 May 2024 meeting of the GHOS, members unanimously reaffirmed their expectation of implementing all aspects of the Basel III framework in full, consistently and as soon as possible.
They noted that the series of shocks to financial markets over the past few years once again highlighted the importance of having a prudent global regulatory framework in place and tasked the Committee with continuing to monitor and assess the full and consistent implementation of Basel III.”
