Basel Committee reports on Basel III implementation progress

The BCBS has released an update on the progress of Basel III implementation as of end-September 2023. This update covers the Basel III post-crisis reforms published in December 2017 and the final minimum capital requirements for market risk issued in January 2019. The implementation date for these reforms was 1 January 2023, as confirmed by the GHOS in March 2020.
Member jurisdictions have shown positive strides in implementing the outstanding Basel III standards since the previous update in September 2022. Almost two-thirds of the new adoptions relate to these standards, with most jurisdictions publishing draft rules and actively implementing them. Around one-third of member jurisdictions have either fully implemented or made substantial progress in adopting these standards. Detailed information regarding the implementation history of Basel standards by member jurisdictions, including publication and implementation dates, is available on the Committee’s website for stakeholders to access.
At a meeting in September 2023, the GHOS, the Committee’s oversight body, unanimously reaffirmed their commitment to implementing all aspects of the Basel Framework comprehensively and expeditiously. The Committee will continue to closely monitor the progress of implementation.
The update also emphasizes the importance of timely transposition of Basel III regulatory standards into domestic regulations. The RCAP monitors this process through its Implementation dashboard, which employs numerical grades and color codes to indicate the stages of adoption of the standards. The goal is to ensure adherence to the internationally agreed timeline. The RCAP also assesses the consistency of jurisdictional implementations.