Oct. 20 (Bloomberg) -- Global regulators said some governments in emerging markets and developing economies should be given the flexibility to adopt international rules on bank capital “at a pace tailored to their circumstances.”
While parts of the rules, drawn up by the Basel Committee on Banking Supervision, “are very relevant and may be useful to implement quickly, the full-scale adoption of the framework may distract” countries “from more basic and urgent reform priorities,” the Financial Stability Board, International Monetary Fund and World Bank said in a report published on the FSB’s website today.
The flexibility on the rules, known as Basel II and Basel III, shouldn’t apply to countries that are members of the Group of 20 nations or the FSB, according to the report. These countries should implement the measures in line with the international timetable, which foresees full adoption of Basel III on Jan. 1, 2019.
--Editors: Peter Chapman, Christopher Scinta
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