“The objective of the Level 2 assessments is to ensure compliance of Basel Committee members’ domestic regulations with the international minimum requirements agreed by the Basel Committee. This process will promote full and consistent implementation of Basel III by (i) identifying domestic regulations and provisions that are not consistent with the rules agreed by the Committee and (ii) assessing their impact on financial stability and on the international level playing field. The Committee’s Level 2 assessments will also facilitate an effective dialogue among Committee members on implementation issues and challenges and provide peer pressure if needed…The following Level 2 assessments have been completed:

• October 2012: European Union
• October 2012: Japan
• October 2012: United States
• Related postings on the financial system