On 13 September 2022, the Basel Committee on Banking Supervision (BCBS) published a press release following a meeting of the Group of Central Bank Governors and Heads of Supervision (GHOS) reaffirming their expectation to implement Basel III in full and work as fast as possible; provide direction on future work on climate-related financial risks and cryptoassets.

Basel III implementation – GHOS members unanimously reaffirmed their expectation of implementing all aspects of the Basel III framework in a full and consistent manner, and as soon as possible in order to provide a regulatory level playing field for internationally active banks. These banks should continue preparing for the forthcoming implementation of standards. More than two thirds of jurisdictions plan to implement all, or the majority of, the standards in 2023 or 2024, with the remaining jurisdictions planning to implement Basel III in 2025. There are only a limited set of technical standards that are particularly subject to an implementation delay.

Basel Committee work priorities – With regard to cryptoassets, members reiterated the importance of designing a robust and prudent regulatory framework for banks’ exposures to cryptoassets that promotes responsible innovation while preserving financial stability. The GHOS tasked the BCBS with finalising such a framework around the end of this year. Furthermore, members emphasised the importance of focusing on the implementation of the Basel III reforms before considering any policy or supervisory implications related to findings of the BCBS’ evaluation work.