Negotiators have walked away from a two-day meeting about banking red tape in Santiago without having reached an agreement on capital rules.
Speaking after the end of the Basel Committee meeting of banking regulators, chairman Stefan Ingves indicated that the group had started to form an outline for an agreement but were yet to settle on the finer details.
"We have made very good progress and the contours of an agreement are now clear," Ingves said.
The Basel Committee, which is hoping to reach an agreement that will protect lenders in the event of another financial crisis, has faced some problems getting banking rules to sync up across the world to put an end to any wild variations in capital banks are required to hold.
In particular, the EU, which released its own interpretation of capital rules for lenders last week, would like the proposals to be watered down.
Meanwhile, in the US, new President-elect Donald Trump has said he intends to dismantle the Dodd-Frank rules.
"It is time to get the job done, to move forward, and focus more on supervision and implementation," Ingves added. "While the Committee will continue to develop standards as and when needed, the time to finalise Basel III has come."