US regulators release details of Basel II qualification process
US financial regulators - including the Federal Reserve and the Office of the Comptroller of the Currency - have released preliminary details of the qualification process that financial institutions in that country will have to follow to implement the new Basel Accord, also known as Basel II.
In a joint statement released in late January, the regulators said they disclosed their expectations early because institutions and their primary regulators face enormous timing challenges in establishing and approving methodologies necessary under the framework. The statement was released ahead of the forthcoming notice of proposed rulemaking, (NPR) expected in mid-2005.
The US regulators are encouraging financial institutions to make initial implementation plans available to their
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