Full, timely and consistent implementation of Basel III is fundamental to a sound and properly functioning banking system that is able to support economic recovery and growth on a sustainable basis. Consistent implementation of Basel standards will also foster a level playing field for internationally-active banks. In December 2017, the Group of Central Bank Governors and Heads of Supervision, which is the Basel Committee's oversight body, endorsed the finalisation of Basel III reforms. Following a one-year deferral to increase the operational capacity of banks and supervisors to respond to COVID-19, these reforms will take effect from 1 January 2023 and will be phased in over five years.

The FSB has designated Basel III as one of the priority areas for implementation monitoring. The task of regular monitoring and reporting in this area is carried out by the Basel Committee on Banking Supervision (BCBS). To monitor progress and assess the implementation of Basel III and its outcomes, the BCBS established the finalisation of Basel III reforms in 2012.

The FSB reports on the status of implementation of Basel III in its Annual Report.

Status of implementation

View status of implementation of reforms in priority areas by FSB jurisdictions as reported in the latest FSB Annual Report to G20 (as of October 2021).

For further information, see the latest BCBS report to G20 Leaders on implementation of the Basel III regulatory reforms (October 2021).