RCAP on timeliness: Basel III implementation dashboard

Updated on 2 October 2024

The timely transposition of Basel III regulatory standards into domestic regulations is monitored periodically based on information provided by each member jurisdiction. The RCAP Implementation dashboard uses a combination of numerical grades and colour codes to signal the different stages of adoption of the standards. The aim is to ensure that the internationally agreed timeline remains on track.

Basel III adoption progress summary (September 2024)

The Basel Committee on Banking Supervision (BCBS) and its oversight body, the Group of Central Bank Governors and Heads of Supervision (GHOS) have set as high priority the implementation of all aspects of the Basel III framework in full, consistently, and as soon as possible. This includes the finalised Basel III post-crisis reforms published by the Committee in 2017–19 and set to be in effect since 1 January 2023 with a five-year phase-in for some elements.

Continuing the periodic monitoring initiated more than a decade ago, this update sets out the adoption status of Basel III standards for each of the BCBS member jurisdictions¹ as of end-September 2024. It is part of the Committee's Regulatory Consistency Assessment Programme (RCAP), which was established to follow progress in adopting and implementing corresponding domestic regulations, assessing their consistency and analysing regulatory outcomes.

Since the last summary as of end-September 2023, BCBS member jurisdictions have made significant progress in implementing the final elements of Basel III (ie those standards with an implementation date of 1 January 2023). The process of implementation has gathered momentum and most of member jurisdictions have now published final rules for most of the final elements of Basel III. Notably, during the past 12 months around half of 27 member jurisdictions published final rules for the revised credit risk, market risk and operational risk standards as well as the output floor. In addition, three member jurisdictions have issued the final rules for the revised leverage ratio exposure definition. As a result of this progress, more than two-thirds of member jurisdictions have now published final rules for all the final elements of Basel III and these standards are in force (ie implemented by banks) in more than a third of member jurisdictions.

Further progress has also been made on other standards that had earlier implementation dates. In the past 12 months, implementation was completed in eight jurisdictions for the interest rate risk in the banking book standard, seven for different elements of the disclosure standards, and two for each of the margin requirements for non-centrally cleared derivatives, capital requirements for exposures to central counterparties, and large exposures framework. For the capital requirements for equity investments in funds, the securitisation framework and monitoring tools for intraday liquidity management, one additional member jurisdiction published final rules.

Table 1 below highlights the progress made since the last update by listing the final elements of Basel III as well as those other standards with an increase in number of jurisdictions where final rules have been published.

Prior progress updates and the full history of implementation for each jurisdiction can be viewed via the RCAP Basel III implementation dashboard. Further evaluation of the consistency of jurisdictional implementations is addressed through the RCAP jurisdictional assessments.

¹ The status of implementation in Russia has not been updated and reflects progress only as of end-September 2021.