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As noted by the Group of Central Bank Governors and Heads of Supervision (GHOS), the Committee's oversight body, its members expect full, timely and consistent implementation of the finalised Basel III reforms by member jurisdictions.
Since the previous report, published in October 2018, member jurisdictions have made further progress in implementing standards for which the deadlines have already passed. These include, notably, the revised securitisation framework and the leverage ratio based on the existing (2014) exposure definition.
However, the report also shows that progress has been limited in the implementation of other standards, which in a number of jurisdictions have yet to be finalised and put into effect. These include the Net Stable Funding Ratio (NSFR), for which final rules are in force in only 11 member jurisdictions, although this standard took effect on 1 January 2018.
The Committee will continue to closely monitor the implementation of Basel standards including the finalised Basel III reforms.