With the Basel III reforms set to come into effect on 1 January 2023, the Basel Committee on Banking Supervisions (BCBS) has published its latest summary of progress towards full implementation across its 28 jurisdictions.

The update finds “more than 80% of member jurisdictions have published rules for at least one of these standards”. The revised standardized approach for credit risk has now been adopted by eight jurisdications, up from just two detailed in the September 2021 update. And new standards on the output floor, revised operational risk framework and revised internal ratings-based approach have also been adopted by additional jurisdictions.

BCBS says “more than two thirds of member jurisdictions plan to implement all, or the majority of, the standards in 2023 or 2024, with the remaining jurisdictions implementing them in 2025”.

The update does not contain information on the status of implementation in Russia, which is a BCBS member.