U.S., Russia, Turkey make progress with Basel 2.5 - report
The United States, Russia and Turkey have made significant progress in implementing the Basel 2.5 global banking rules, while Argentina, Indonesia and Mexico still have work to do, according to the latest progress report by the Basel Committee on Banking Supervision.
Basel 2.5 was agreed by global banking regulators in July 2009 as the first institutional response to the global financial crises, ahead of the more comprehensive revision of banking rules under Basel III.
While Basel 2.5, which imposed higher capital charges on banks’ trading activities and specifically on securities composed of bundles of assets, was due to be implemented by the end of 2011, Basel III is first due to be implemented in phases from January 2013.
The Basel Committee conducts period reviews of the implementation of its standards by national lawmakers and found progress at the end of September compared with its April report.
“It is clear that not all jurisdictions will be ready in time. Still, we see continuing signs of progress,” said Stefan Ingves, chairman of the Basel Committee and governor of Sweden’s central bank.
The Basel Committee routinely reviews the national implementation of its rules on three levels: timely adoption, regulatory consistency and consistency of outcomes.
Last week it publishes a level 2 assessment report, finding that Japan had fully transposed its rules into national law, while draft regulations by both the U.S. and the European Union had some shortcomings.
Click to read the: “Progress report on Basel III implementation.” by the Basel Committee on Banking Supervision,
www.CentralBankNews.info
2012-10-08 07:03:11
Source: http://www.centralbanknews.info/2012/10/us-russia-turkey-make-progress-with.html
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