Full, timely and consistent implementation of Basel III is fundamental to raising the resilience of the global banking system, in maintaining market confidence in regulatory ratios and in providing a level playing field. The benefits of the recent round of regulatory reforms will not be realised without implementation.
To aid the implementation process, members of the Basel Committee have agreed on an assessment programme that will review and report on their implementation of Basel III. The assessment programme will be conducted on three levels:
This document describes the Level 2 review programme, which utilises a peer review process to assess the compliance of individual jurisdiction's domestic regulations with the international minimum requirements defined by the Basel Committee. By identifying domestic regulations and provisions that are not consistent with the rules agreed by the Committee and by assessing and reporting on their impact on financial stability and on the international level playing field, this programme is intended to promote full and consistent implementation of Basel III. It will also facilitate an effective dialogue among members and to provide peer pressure if needed.