Assurances given on Basel II readiness
BASEL, SWITZERLAND and BRUSSELS – As regulators from around the world gathered in mid-June for the annual meeting of the Bank for International Settlements (BIS), the bank supervisors and other officials who have been negotiating the Basel II framework gave general assurances about the ability of key countries to stick to the agreement's timetable.
Core Basel II countries are meant to implement the framework in two stages – the simpler approaches by January 1, 2007 and the more advanced by January 1, 2008. But serious legislative delays in the European Parliament had thrown the ability of the EU to get its own regime ready in time into doubt.
Also, US regulators indefinitely postponed the publication of their notice of proposed rulemaking for Basel II, as well as planned changes to the regulatory framework for those banks remaining on
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