THE FINANCIAL Stability Board (FSB) published its top six priorities for banking reform yesterday.
Basel III, OTC derivative reforms, pay changes, systemically important bank measures and resolution frameworks were all declared to be FSB priorities.
The body plans to track progress towards the implementation of legislation promoting these G20 initiatives.
The selection process was “based on the importance of consistent and comprehensive implementation of reforms in that area for global financial stability” the FSB said.
Meanwhile, the Basel Committee published a progress report yesterday, detailing the stage of implementation which each country has reached. EU nations are leading the way, with draft legislation in place to implement Basel III’s requirements and laws in place covering all of Basel II’s agreements.
Almost every other nation has legislation in place or in the progress to comply with Basel II, with the exception of Argentina, which is in the process of drafting rules, and Russia which will not have the rules implemented until at least 2014.
In terms of Basel III, only Saudi Arabia – which has issued final regulations to banks – China and the EU have gone beyond the drafting stage.