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The Basel Committee on Banking Supervision said Friday it is closely evaluating the differences in how countries implement the Basel III accord.
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U.S. regulators are facing a series of difficult choices as they weigh how to finalize Basel III capital and liquidity rules next year, including how closely they adhere to an international agreement or whether they make changes for smaller institutions.
December 27
WASHINGTON A senior U.S. regulatory official said Tuesday that global policymakers charged with adopting higher capital and liquidity requirements are gradually inching toward implementation.
"The truth is, we are making solid progress," said Charles Taylor, Deputy Comptroller of the Currency, in a speech in New York. "And while there are difficult open issues with which we must contend, there is every reason to think that the institutional arrangements we have at the Basel Committee will be able to rise to the challenge."
Global regulators signed off on the package of robust capital and liquidity rules in December 2010, which is intended to prevent another financial crisis.
While 14 countries have moved forward in adopting rules in their home country, others like the United States and European Union have yet to finalize their implementation of Basel III. Twenty-seven countries in total agreed to implement Basel III starting on Jan. 1, 2013.
Taylor, who is also chairman of the supervision and implementation group for the Basel Committee, stressed that it's vital that countries that are home to globally systemically important banks finalize their rules as quickly as possible.
"It is especially important that the jurisdictions that are home supervisors to G-SIBs finalize their regulations as soon as possible," said Taylor. "That includes the United States and Europe. Both jurisdictions are working diligently to that end."
U.S. regulators indefinitely delayed adoption of the rules to review thousands of comment letters by community banks, but have continued to say the final capital rules are due out soon.
Taylor noted that the Basel Committee still has a number of outstanding issues it plans to complete by the end of 2014, including proposed short-term and long-term liquidity ratios, a review of the capital requirements associated with the trading book and improving the treatment of securitizations to make the capital charge more robust and risk sensitive.
