In a short Press Release, the three key US Federal regulatory agencies announced that the 1 January 2013 effective date for Basel III implementation in the US would be pushed back.  Given that the short timeframe between now and 1 January 2013 does not allow industry participants sufficient time to understand all of the final (national implementing) rules, and the fact that several pieces of proposed national rulemaking are not yet final, the agencies stated that they "do not expect that any of the proposed rules would become effective on" 1 January 2013.  No alternative implementation date has been suggested or provided at this stage.  Pressure is mounting within Europe to agree a similar implementation delay, with the European Banking Federation having written to the European Commission urging a "realistic entry into force date" for the Capital Requirements Directive IV and Regulation (the final texts of which are still not yet agreed) to reflect the need for a global regulatory playing field, and to allow time to ensure all of the relevant Level 2 technical standards are in place.

Useful links

US Regulators' Press Release: Basel III Effective Date

EBF Letter to European Commission