BCBS Publishes Consultation on the Consolidated Basel Framework
BCBS published a consultative document on the consolidated Basel framework. The Basel Committee also launched a new section of its website that sets out a draft version of the consolidated framework of its global standards for the regulation and supervision of banks. The consultation aims to gather feedback on the website and on the proposed technical amendments to the standards. Comments are being invited by August 09, 2019. The consultative document is accompanied by a mapping table to show links between the published standards and the individual paragraphs in the new format.
BCBS welcomes comments on the accuracy and clarity of the consolidated framework and on the proposed technical amendments to the standards. The preparation of the standards in the new format revealed some inconsistencies and ambiguities with the Basel requirements, which need to be addressed through minor policy changes. Such policy changes, which are not substantial but which cannot be resolved unambiguously based on the current text, would normally be subject to a consultation as technical amendments. BCBS considers it to be most efficient to consult on all such changes together in the context of the launch of the consolidated framework. The consolidated framework also contains several new frequently asked questions (FAQs) that have been listed in Section 2 of the consultative document. As the technical amendments proposed in the consultative document are not substantial and, in the view of the Basel Committee, contribute to a more coherent prudential framework, BCBS will encourage its members to implement the final requirements as soon as possible, but no later than January 01, 2022.
The consolidated framework aims to improve the accessibility of BCBS standards and to promote their consistent global interpretation and implementation. The publication of standards in the new format of the consolidated framework has focused on reorganizing the existing requirements. There was no intention to introduce new requirements or otherwise amend the standards previously agreed and published by BCBS. In preparing the framework, BCBS has taken the opportunity to simplify the standards where possible, clarify provisions known to cause confusion, integrate FAQs, and delete the redundant review clauses and other outdated provisions.
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Comment Due Date: August 09, 2019
Keywords: International, Banking, Basel Framework, Technical Amendment, FAQ, Basel III, Regulation and Supervision, BCBS
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