The number of member jurisdictions that have published the final set of Basel III regulations effective from the start date of 1 January 2013 has reached 11.
The Basel Committee on Banking Supervision says it has been actively monitoring on a continuing basis the progress of members in implementing the Basel III package of regulatory reforms, as well as the implementation of Basel II and Basel 2.5.
The 11 countries that have published the final set of Basel III regulations effective from the start date of 1 January 2013 include Australia, Canada, China, Hong Kong SAR, India, Japan, Mexico, Saudi Arabia, Singapore, South Africa and Switzerland.
Seven other jurisdictions - Argentina, Brazil, the European Union, Indonesia, Korea, Russia and the United States - have issued draft regulations, and have indicated they are working towards issuing final versions as quickly as possible.
Turkey will issue draft regulations early in 2013.
"While some jurisdictions have not been able to meet the planned start date, a large number will be ready to begin introducing the new capital requirements as planned on 1 January 2013," says Stefan Ingves, Chairman of the Basel Committee and Governor of the Sveriges Riksbank.
Ingves notes that the globally agreed timeline includes a number of milestones from 2013 to 2019, designed to provide for a gradual phasing in of the new capital requirements.
It is expected that as remaining jurisdictions finalise their domestic regulations during 2013, they will incorporate all the remaining transitional deadlines in line with the original global agreement, even where they have not been able to meet the 1 January 2013 start date.
Hence, by the end of 2013, almost all Basel Committee jurisdictions will be implementing Basel III in accordance with the agreed timetable. "This is an absolutely critical step towards strengthening the resilience of the global banking system," says Ingves.
Ingves adds that even though there are delays in implementing the regulations, national supervisors are ensuring that internationally active banks are, where necessary, making steady progress in strengthening their capital base in accordance with the Basel III framework.
All Basel Committee members have reiterated their commitment to implement the globally-agreed reforms, and several members are due to undergo a peer review of the consistency of their final regulations during 2013.