Basel spotlights ratification laggards
Tuesday 18 October 2011 - by Andrew Hickley
Basel regulators have published a progress report detailing those countries that are failing to keep pace in delivering new global capital and liquidity requirements.
This flies in the face of the Basel III agreement, which states that countries "must translate the rules into national laws and regulations" before 1 January 2013.
Whilst many countries are issuing draft regulations by the end of 2011, others such as Korea and Turkey are only expected to publish their proposals by mid-2012, leaving just six months for implementation.
Argentina is among the jurisdictions that does not currently have a planned date for draft publication, with the BCBS stating that it is simply engaging in "on-going work to draft preliminary documents".
Draft regulations are "under development" in Russia, though the country also does not have a date in mind to consult.
The review finds that Saudi Arabia is the only country to have already issued a final regulation for its banks, with China and the European Union the only other jurisdictions to have consulted on draft legislation.
Canada, whose banks are believed to already exceed the minimum Basel III requirements, is planning "for implementation in Q1 2013", though expects to issue final guidance by the end of 2012, the committee confirms.
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