Full, timely and consistent implementation of Basel III remains fundamental to building a resilient financial system, maintaining public confidence in regulatory ratios and providing a level playing field for internationally active banks. This report updates G20 Leaders on progress in the implementation of the Basel III regulatory reforms since the Basel Committee on Banking Supervision issued its August 2013 report. The report provides an update on the steps taken by Basel Committee member jurisdiction to adopt the Basel III standards and the banks' progress in bolstering their capital and liquidity positions. The report also highlights specific implementation-related challenges that are surfacing.