The Basel Committee on Banking Supervision recently issued its first progress report on Basel III implementation. The report provides a high-level view of Basel Committee members' progress in adopting Basel II, Basel 2.5 and Basel III, as of end of September 2011. It focuses on the status of domestic rule-making processes to ensure that the Committee's capital standards are transformed into national law or regulation according to the internationally agreed timeframes. The Committee believes that disclosure will provide additional incentive for members to fully comply with the international agreements.
On 20 July 2011, the European Commission adopted a legislative package to implement Basel III and adopt other measures to strengthen the regulation of the banking sector. The proposal replaces the current Capital Requirements Directive (Directives 2006/48 and 2006/49) with a Directive and a Regulation. In addition to implementing Basel III, the proposal advances a "single rule book" for European banks and includes other provisions on supervisory powers, bank governance and reliance on the ratings of credit rating agencies. The proposal is subject to approval and adoption by the European Parliament and Council during 2012.
Please join Mayer Brown lawyers Kevin Hawken and Jeremiah Wagner as they discuss potential future developments and implications for banking institutions. Topics will include:
- Progress and timelines for implementing Basel III in some key jurisdictions
- EU CRD IV and Basel III—differences in scope and content
- Implications for banking institutions and other market participants
Mayer Brown's Global Financial Markets Initiative helps clients deal with the legal and business challenges resulting from the ongoing turbulence in worldwide financial markets. By mobilizing the firm's global resources from multiple practices and offices, the Initiative provides clients with knowledgeable and timely counsel on a broad spectrum of their legal needs.