At its September 2011 meeting, the Basel Committee agreed to commence a programme to review members' implementation of the Basel regulatory framework (which includes Basel II, Basel 2.5 and Basel III). The Committee believes that full, timely and consistent implementation of the globally agreed rules are fundamental to raising the resilience of the global banking system, maintaining market confidence in regulatory capital ratios and providing a level playing field. Full implementation of the reforms should help to reduce the probability and impact of future financial crises. The assessment programme is intended to provide further incentive for member jurisdictions to fully implement the standards within the agreed timelines. The importance of the work has also been endorsed by the G20.
As part of this process, the Committee published in October 2011 a first progress report on Basel III implementation. Updates on Basel III implementation have been published on a regular basis, reflecting different levels of review that comprise the Committee's assessment programme.
The future Basel III implementation work will include Level 2 assessments for the Basel Committee's members as well as bank-level analysis for the trading and banking book. The findings of the assessment work may also inform policy work undertaken by the Committee.
