The Basel Committee on Banking Supervision has put in place its cemented Basel Framework. The framework unites all of the Basel Committee’s worldwide standards for the regulation and oversight of banks and details these on its website under a new section. In April 2019, the Committee formulated a draft variant of the solidified Basel Framework. In it, the standards were presented in a newly developed format that concentrated on revamping existing requirements, not on providing new prerequisites or changing the principles that were previously agreed upon and published by the Basel Committee.
The newly written out form of the standards did uncover a few irregularities between the Basel requirements as well as some vague points that needed to be tended to through minor policy changes. In this manner, simultaneous with the publication of the draft version on the consolidated framework, the Basel Committee published a consultative document that presented the changes that were made.
The Committee has looked over the input that was given on the consolidated framework and it has finalised the first (non-draft) variant of the framework. The recent publication outlines the changes that the Committee has agreed to make in relation to the draft version of the framework. The first version also provides a list of the newly frequently asked enquiries and answers added to the framework since the publication of the draft format back in April 2019.
In order to view the structure and features of the Basel framework, please click here.
