Basel standards are currently published on the Committee's section of the website of the Bank for International Settlements (BIS), as a series of pdf documents. These publications may replace prior standards, amend existing standards or introduce new ones. But the current publication format, combined with the expanded scope of the Basel Framework in recent years, make it difficult for website users to find the standards that are currently in force, or track how the framework has developed over time and will develop in the future. The Consolidated Basel Framework that has been launched addresses these issues.
The publication of the standards in the new format of the consolidated framework has focused on reorganising existing requirements. There was no intention to introduce new requirements or otherwise amend the standards previously agreed and published by the Basel Committee. In preparing the framework, the Basel Committee has taken the opportunity to simplify the standards where possible, clarify provisions known to cause confusion, integrate answers to frequently asked questions (FAQs) and delete redundant review clauses and other outdated provisions.
The preparation of the standards in the new format did, however, reveal some inconsistencies between Basel requirements as well as ambiguities that need to be addressed through 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 consultation as technical amendments. The Committee considers it to be most efficient to consult on all such changes together in the context of the launch of the consolidated framework. The proposed changes have been incorporated into the draft version of the consolidated framework, together with various new FAQs.
As the technical amendments proposed in the consultative document are not substantial in nature and, in the Committee's view, contribute to a more coherent prudential framework, the Committee will encourage its members to implement the final requirements as soon as possible, and no later than 1 January 2022.
The Committee welcomes comments on the two questions set out in the consultative document by Friday 9 August 2019.
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