RCAP on timeliness: Basel III implementation dashboard

The timely transposition of Basel III regulatory standards into domestic regulations is monitored periodically based on information provided by each member jurisdiction. The RCAP Implementation dashboard uses a combination of numerical grades and colour codes to signal the different stages of adoption of the standards. The aim is to ensure that the internationally agreed timeline remains on track.

The RCAP: Basel III implementation dashboard shows views by standard and jurisdiction. It also includes references and links to domestic implementation documents.

The full Basel III implementation history can be downloaded here.

Basel III adoption progress summary (September 2023)

The Basel Committee on Banking Supervision (BCBS) and its oversight body, the Group of Central Bank Governors and Heads of Supervision (GHOS) have set as high priority the implementation of all aspects of the Basel III framework in full, consistently, and as soon as possible. This includes the finalised Basel III post-crisis reforms published by the Committee in 2017–19 and set to be in effect since 1 January 2023 with a five-year phase-in for some elements.

Continuing the periodic monitoring initiated more than a decade ago, this update sets out the adoption status of Basel III standards for each of the BCBS member jurisdictions1  as of end-September 2023. It is part of the Committee's Regulatory Consistency Assessment Programme (RCAP), which was established to follow progress in adopting and implementing corresponding domestic regulations, assessing their consistency and analysing regulatory outcomes.

The focus of the update is on the outstanding Basel III standards, for which the 1 January 2023 implementation date has now passed. Since the last update as of end-September 2022, BCBS member jurisdictions have continued to make good progress in implementing the outstanding Basel III standards, with almost two-thirds of the new adoptions relating to these standards.

Most member jurisdictions are now in the process of implementation and have published draft rules, while around a third have implemented all, or the majority of the outstanding Basel III standards. In two jurisdictions, all standards are in force (ie final rules published and implemented by banks) and the implementation of the G-SIB leverage ratio buffer has been completed in all relevant jurisdictions. One additional member jurisdiction has issued the final rules for the revised standardised approach (SA) for credit risk and the output floor. Two additional member jurisdictions have issued the final rules for the revised internal ratings-based (IRB) approach for credit risk and the revised operational risk framework and three additional jurisdictions have adopted the revised credit valuation adjustment (CVA) framework, the revised market risk framework, the revised leverage ratio exposure definition (2017), and revised disclosure requirements. Moreover, most member jurisdictions have published draft rules for consultation. As noted by the GHOS (press release), two-thirds of member jurisdictions plan to implement all, or the majority of, the standards by the end of 2024 and the remaining jurisdictions in 2025.

For standards that have been past due longer, further progress has been made. Five more implementations have been completed for disclosure standards, three on the interest rate risk in the banking book standard (IRRBB) and final rules have been issued for each of the large exposures framework (LEX), the capital standards for securitisations, the Net Stable Funding Ratio (NSFR) and the margin requirements for non-centrally cleared derivatives.

Table 1 below highlights the progress made since the last update by listing the outstanding Basel III standards as well as those other standards with an increase in number of jurisdictions where final rules have been published or are in force.

Table 1: Member jurisdictions that have issued final rules

Prior progress updates and the full history of implementation for each jurisdiction can be viewed via the RCAP Basel III implementation dashboard. Further evaluation of the consistency of jurisdictional implementations is addressed through the RCAP jurisdictional assessments.

1 The status of implementation in Russia has not been updated and reflects progress only as of end-September 2021.