SARB to Revise Implementation Dates for Final Basel Reforms
The South African Reserve Bank (SARB) published a guidance note (4/2021) on the proposed revised implementation dates for certain regulatory reforms under Basel III. The guidance note is relevant for banks, controlling companies, branches of foreign institutions, eligible institutions, and auditors of banks or controlling companies. The Prudential Authority is proposing to implement the outstanding regulatory reforms in South Africa on the dates set out in the guidance note. The implementation period spans January 01, 2022 to January 01, 2028, with the output floor requirements being gradually phased-in.
The proposed revised implementation dates for specified regulatory reforms is as follows:
- January 01, 2022 for reforms on large exposures framework and total loss-absorbing capacity (TLAC) holdings
- June 01, 2022 for reforms on interest rate risk in the banking book (IRRBB) and related disclosure requirements
- July 01, 2022 for revisions to the securitization framework
- January 01, 2023 for revised frameworks on standardized approach for credit risk, internal ratings based approach, operational risk, and revised exposure definition under leverage ratio framework.
- January 01, 2024 for minimum capital requirements for market risk and revised credit valuation adjustment framework
- Implementation of 72.5% of output floor to be phased in over five years commencing from January 01, 2023 until January 01, 2028
Related Links
Keywords: Middle East and Africa, South Africa, Banking, Regulatory Capital, Basel, Market Risk, Credit Risk, IRRBB, Large Exposures, Output Floor, Implementation Timeline, Operational Risk, Leverage Ratio, COVID-19, Securitization, BCBS, SARB
Featured Experts
María Cañamero
Skilled market researcher; growth strategist; successful go-to-market campaign developer
Nicolas Degruson
Works with financial institutions, regulatory experts, business analysts, product managers, and software engineers to drive regulatory solutions across the globe.
Patrycja Oleksza
Applies proficiency and knowledge to regulatory capital and reporting analysis and coordinates business and product strategies in the banking technology area
Previous Article
PRA Publishes Near-Final Text of Remaining Basel III StandardsRelated Articles
US Agencies Issue Several Regulatory and Reporting Updates
The Board of Governors of the Federal Reserve System (FED) adopted the final rule on Adjustable Interest Rate (LIBOR) Act.
ECB Issues Multiple Reports and Regulatory Updates for Banks
The European Central Bank (ECB) published an updated list of supervised entities, a report on the supervision of less significant institutions (LSIs), a statement on macro-prudential policy.
HKMA Keeps List of D-SIBs Unchanged, Makes Other Announcements
The Hong Kong Monetary Authority (HKMA) published a circular on the prudential treatment of crypto-asset exposures, an update on the status of transition to new interest rate benchmarks.
EU Issues FAQs on Taxonomy Regulation, Rules Under CRD, FICOD and SFDR
The European Commission (EC) adopted the standards addressing supervisory reporting of risk concentrations and intra-group transactions, benchmarking of internal approaches, and authorization of credit institutions.
CBIRC Revises Measures on Corporate Governance Supervision
The China Banking and Insurance Regulatory Commission (CBIRC) issued rules to manage the risk of off-balance sheet business of commercial banks and rules on corporate governance of financial institutions.
HKMA Publications Address Sustainability Issues in Financial Sector
The Hong Kong Monetary Authority (HKMA) made announcements to address sustainability issues in the financial sector.
EBA Updates Address Basel and NPL Requirements for Banks
The European Banking Authority (EBA) published regulatory standards on identification of a group of connected clients (GCC) as well as updated the lists of identified financial conglomerates.
ESMA Publishes 2022 ESEF XBRL Taxonomy and Conformance Suite
The General Board of the European Systemic Risk Board (ESRB), at its December meeting, issued an updated risk assessment via the quarterly risk dashboard and held discussions on key policy priorities to address the systemic risks in the European Union.
FCA Sets up ESG Committee, Imposes Penalties, and Issues Other Updates
The Financial Conduct Authority (FCA) is seeking comments, until December 21, 2022, on the draft guidance for firms to support existing mortgage borrowers.
FSB Reports Assess NBFI Sector and Progress on LIBOR Transition
The Financial Stability Board (FSB) published a report that assesses progress on the transition from the Interbank Offered Rates, or IBORs, to overnight risk-free rates as well as a report that assesses global trends in the non-bank financial intermediation (NBFI) sector.
