【正文】 all and mediumsized Enterprise Special purpose vehicle Valueatrisk Variable Rate Demand Note Basel III: A global regulatory framework for more resilient banks and banking systems 1. Introduction This document, together with the document Basel III: International framework for liquidity risk measurement, standards and monitoring, presents the Basel Committee?s1 reforms to strengthen global capital and liquidity rules with the goal of promoting a more resilient banking sector. The objective of the reforms is to improve the banking sector?s ability to absorb shocks arising from financial and economic stress, whatever the source, thus reducing the risk of spillover from the financial sector to the real economy. This document sets out the rules text and timelines to implement the Basel III framework. 2. The Committee?s prehensive reform package addresses the lessons of the financial crisis. Through its reform package, the Committee also aims to improve risk management and governance as well as strengthen banks? transparency and Moreover, the reform package includes the Committee?s efforts to strengthen the resolution of systemically significant crossborder 3. A strong and resilient banking system is the foundation for sustainable economic growth, as banks are at the centre of the credit intermediation process between savers and investors. Moreover, banks provide critical services to consumers, small and mediumsized enterprises, large corporate firms and governments who rely on them to conduct their daily business, both at a domestic and international level. 4. One of the main reasons the economic and financial crisis, which began in 2020, became so severe was that the banking sectors of many countries had built up excessive on and offbalance sheet leverage. This was acpanied by a gradual erosion of the level and quality of the capital base. At the same time, many banks were holding insufficient liquidity buffers. The banking system therefore was not able to absorb the resulting systemic trading and credit losses nor could it cope with the reintermediation of large offbalance sheet exposures that had built up in the shadow banking system. The crisis was further amplified by a procyclical deleveraging process and by the interconnectedness of systemic institutions through an array of plex transactions. During the most severe episode of the crisis, the market lost confidence in the solvency and liquidity of many banking institutions. The weaknesses in the banking sector were rapidly transmitted to the rest of the financial system and the real economy, resulting in a massive contraction of liquidity and credit availability. Ultimately the public sector had to step in with unprecedented injections of liquidity, capital support and guarantees, exposing taxpayers to large losses. 1 The Basel Committee on Banking Supervision consists of senior representatives of bank supervisory authorities and central banks from Argentina, Australia, Belgium, Brazil, Canada, China, France, Germany, Hong Kong SAR, India, Indonesia, Italy, Japan, Korea, Luxembourg, Mexico, the Netherlands, Russia, Saudi Arabia, Singapore, South Africa, Spain, Sweden, Switzerland, Turkey, the United Kingdom and the United States. It usually meets at the Bank for International Settlements (BIS) in Basel, Switzerland, where its permanent Secretariat is located. 2 In July 2020, the Committee introduced a package of measures to strengthen the 1996 rules governing trading book capital and to enhance the three pillars of the Basel II framework. See Enhancements to the Basel II framework (July 2020), available at 3 These efforts include the Basel Committee39。 and introduce additional safeguards against model risk and measurement error by supplementing the riskbased measure with a simple, transparent, independent measure of risk. The leverage ratio is calculated in a parable manner across jurisdictions, adjusting for any differences in accounting standards. The Committee has designed the leverage ratio to be a credible supplementary measure to the riskbased requirement with a view to migrating to a Pillar 1 treatment based on appropriate review and calibration. 4 Basel III: A global regulatory framework for more resilient banks and banking systems 4. 18. Reducing procyclicality and promoting countercyclical buffers One of the most destabilising elements of the crisis has been the procyclical amplification of financial shocks throughout the banking system, financial markets and the broader economy. The tendency of market participants to behave in a procyclical manner has been amplified through a variety of channels, including through accounting standards for both marktomarket assets and heldtomaturity loans, margining practices, and through the build up and release of leverage among financial institutions, firms, and consumers. The Basel Committee is introducing a number of measures to make banks more resilient to such procyclical dynamics. These measures will help ensure that the banking sector serves as a shock absorber, instead of a transmitter of risk to the financial system and broader economy. 19. In addition to the leverage ratio discussed in the previous section, the Committee is introducing a series of measures to address procyclicality and raise the resilience of the banking sector in good times. These measures have the following key objectives: ??????????dampen any excess cyclicality of the minimum capital requirement