“Full, timely and consistent implementation of the Basel III framework is essential for promoting confidence in the regulatory framework for banks and to help secure a stable global banking system. The Basel Committee is monitoring its member jurisdictions’ implementation through a recently launched comprehensive review programme. A key element of the process is transparency, including periodic reports to the G20. The first of which was published in June 2012. The Report to the G20 Finance Ministers and Central Bank Governors reviews Basel Committee members’ progress in introducing the Basel standards ahead of the globally agreed start date of 1 January 2013. Eight of the 27 member jurisdictions of the Basel Committee have issued final regulations, of which Japan has undergone a detailed assessment of its final set of regulations. Two further assessments have been conducted on draft regulations in the European Union and United States, and these jurisdictions now have the opportunity to address the identified gaps as they finalise their rules. The evaluation of banks’ calculation of risk-weighted assets for banking and trading book exposures relevant for the implementation of the Basel III framework is underway and the findings are expected to be published during 2013.”