The Strategist

UK to delay implementation of remaining Basel III elements by six months

09/28/2023 - 10:21

According to a press release from the watchdog, Basel III's final components, the so-called Basel 3.1 requirements, will not be implemented in the UK for another six months.

Colin Smith
Colin Smith
The British Central Bank states that the extension of the "Basel 3.1" deadline is intended to assist credit organizations with their planning.

The transition period will be shortened to 4.5 years in order to guarantee full compliance by January 1, 2030, and the new standards will go into effect on July 1, 2025.

The Bank of England also intends to release "near-final versions" of its market risk, credit revaluation risk, counterparty credit risk, and operational risk policies in the fourth quarter of this year.

The publication of credit risk rules, as well as the related reporting and disclosure requirements, is planned for the second quarter of 2024.