The Basel Committee on Banking Supervision has on 3 October issued its progress update on the adoption of the Basel Framework. The update summary and monitoring dashboard set out the jurisdictional adoption status of the Basel III standards as of end-September 2023. They cover the Basel III post-crisis reforms 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 Group of Central Bank Governors and Heads of Supervision (GHOS) in March 2020.
Since the last update as of end-September 2022, member jurisdictions have continued to make good progress in implementing the outstanding Basel III standards, with almost two-thirds of the new adoptions relating to these standards. Most member jurisdictions have published draft rules and are in the process of implementing the outstanding Basel III standards, while around a third have implemented all, or the majority of them. The monitoring dashboard provides the full implementation history of Basel standards by member jurisdictions, including the publication and implementation dates of their domestic regulations. These are available for download from the Committee’s website for use by interested stakeholders.
At its meeting on 11 September 2023, members of the GHOS, the Committee’s oversight body, unanimously reaffirmed their expectation of implementing all aspects of the Basel Framework in full, consistently and as soon as possible. The Committee will continue to closely monitor their implementation.
