Banking regulation: Commission launches consultation on the finalisation of Basel III
Today the Commission Services are launching an exploratory consultation on the last piece of banking regulatory reform that was launched at international level during the financial crisis and which was agreed by the Basel Committee on Banking Supervision in December 2017.
The consultation aims to gather views from interested parties on the potential impact that amendments may have on the EU banking sector and the wider economy, as well as to highlight possible implementation challenges. Valdis Dombrovskis, Vice-President responsible for Financial Stability, Financial Services and Capital Markets Union, said: “EU banking regulation must provide a foundation for a stable banking system that supports the European economy. International cooperation in this matter is crucial to ensure financial stability and a level playing field for banks globally. The measures that were agreed by the Basel Committee represent the last major piece of the regulatory reform that was launched in the wake of the financial crisis. It is now essential that all major jurisdictions implement all elements of this agreement. The Commission will now carry out a thorough and detailed impact assessment and today’s targeted consultation is the first step.” The implementation of this agreement in the EU would require amendments to current banking regulations, in particular the Capital Requirements Regulation (CRR). Before considering such amendments, the Commission will carry out a thorough impact assessment, in accordance with its Better Regulation agenda. The results of this consultation will inform the Commission’s overall assessment. Respondents are encouraged to provide as much evidence as possible using this link.