The Basel Committee is assessing the rules made by its members to implement Basel 3. It has found that US and EU draft rules are still not fully compliant with the globally agreed minimum standards. In the case of the EU, its CRD4 package, as it stood on the general approach the Council of the EU reached on May, is materially non-compliant regarding the definition of capital and the internal ratings-based approach. (Source: Basel Committee Assesses Basel 3 Implementation Rules)