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1、Introduction and summary At their 2010 summit in Seoul, the G20 Leaders endorsed the Basel III regulatory framework1 as follows: “We endorsed the landmark agreement reached by the BCBS on the new bank capital and liquidity framework, which increases the resilience of the global banking system by rai
2、sing the quality, quantity and international consistency of bank capital and liquidity, constrains the build-up of leverage and maturity mismatches, and introduces capital buffers above the minimum requirements that can be drawn upon in bad times.2 In November 2011, the Leaders, at their summit in C
3、annes, emphasised the importance of implementing Basel III: “We are committed to improve banks resilience to financial and economic shocks. Building on progress made to date, we call on jurisdictions to meet their commitment to implement fully and consistently the Basel II risk-based framework as we
4、ll as the Basel II-5 additional requirements on market activities and securitisation by end 2011 and the Basel III capital and liquidity standards, while respecting observation periods and review clauses, starting in 2013 and completing full implementation by 1 January 2019.3 This interim report det
5、ails the progress the members of the Basel Committee on Banking Supervision4 have made to date in implementing the Basel III regulatory framework (including Basel II5 and Basel 2.5,6 which now form integral parts of Basel III). The report also describes various implementation issues identified throu
6、gh the comprehensive process the Committee has adopted to monitor members implementation of Basel III. Compared to the status at end-September 2011 and end-March 2012, when the Committee published previous reports, significant progress has been observed. However, there are jurisdictions which have m
7、issed the globally-agreed implementation dates for Basel II and 2.5. There are also jurisdictions that have not made enough progress to date on Basel III and thus pose concern as to their ability to meet the agreed Basel III implementation date. 1 Basel III: A global regulatory framework for more re
8、silient banks and banking systemsBasel III: International framework for liquidity risk measurement, standards and monitoring, 2 Seoul G20 Summit document 3 Cannes G20 Summit document 4 The Basel Committee on Banking Supervision consists of senior representatives of bank supervisory authorities and c
9、entral banks from Argentina, Australia, Belgium, Brazil, Canada, China, France, Germany, Hong Kong SAR, India, Indonesia, Italy, Japan, Korea, Luxembourg, Mexico, the Netherlands, Russia, Saudi Arabia, Singapore, South Africa, Spain, Sweden, Switzerland, Turkey, the United Kingdom and the United Sta
10、tes. The Committees governing body is the Group of Central Bank Governors and Heads of Supervision, which is comprised of central bank governors and (non-central bank) heads of supervision from member countries. The Committee usually meets at the Bank for International Settlements (BIS) in Basel, Sw
11、itzerland, where its permanent Secretariat is located. 5 Basel II: International Convergence of Capital Measurement and Capital Standards: A Revised Framework6 Enhancements to the Basel II frameworkReport to G20 Leaders on Basel III implementation 17 On 7 June, the Federal Reserves Board of Governor
12、s published draft Basel III regulations, and these will be considered also by the FDIC and OCC in June 2012. As of end-May 2012, 21 of 27 Basel member countries have implemented Basel II, which had been due to come into force from end-2006. In addition, Indonesia and Russia have implemented Basel II
13、s Pillar 1 (minimum capital requirements). Argentina, China, Turkey and the United States are in the process of implementing Basel II. With regard to Basel 2.5, which was due to be implemented from end 2011, 20 member countries have final rules that are in force. Argentina, Indonesia, Mexico, Russia
14、, Turkey and the United States have not issued final regulations. Russia and the United States have issued draft regulations which partially cover Basel 2.5. Saudi Arabia has issued final regulations but these have not yet come into force. Among the 29 global systemically important banks (G-SIBs) id
15、entified in November 2011, nine are headquartered in jurisdictions that have not yet fully implemented Basel II and/or Basel 2.5. Draft Basel III regulations have not yet been issued by seven Basel Committee member jurisdictions: Argentina, Hong Kong SAR, Indonesia, Korea, Russia, Turkey and the Uni
16、ted States.7 The majority of these jurisdictions believe they can issue final regulations in time to implement by the deadline of 1 January 2013. However, for others, depending on their domestic rule-making process, meeting the deadline could be a significant challenge. In addition to monitoring whether its members have issued regulations to implement the Basel III rules, the Basel Committee has established a process to review the content of the new rul
