【正文】 flexibility。 and Introducing capital buffers which should be built up in good times so that they can be drawn down during periods of stress. The implementation period starts from 1 January 2013 and includes transitional arrangements until 1 January 2019. The transitional arrangements are available to give banks time to meet the higher standards, while still supporting lending to the economy. Report to G20 Leaders on Basel III implementation 39 To be included after the Committee concludes its review on any revisions or final adjustments 10 Progress report on Basel III implementation, October 2011 and April 2012, , The liquidity requirements, leverage ratio and systemic surcharges e into force on a phased approach starting from 2015 and will, therefore, be assessed later9 and are not covered in this report. Design of the Committee’s Basel III Implementation Review Programme In January 2012, the Group of Central Bank Governors and Heads of Supervision (GHOS), the Basel Committee’s oversight body, endorsed the prehensive process proposed by the Committee to monitor members’ implementation of Basel III. The process consists of the following three levels of review: Level 1: ensuring the timely adoption of Basel III。Introduction and summary At their 2010 summit in Seoul, the G20 Leaders endorsed the Basel III regulatory framework1 as follows: “We endorsed the landmark agreement reached by the BCBS on the new bank capital and liquidity framework, which increases the resilience of the global banking system by raising the quality, quantity and international consistency of bank capital and liquidity, constrains the buildup of leverage and maturity mismatches, and introduces capital buffers above the minimum requirements that can be drawn upon in bad times.”2 In November 2011, the Leaders, at their summit in Cannes, emphasised the importance of implementing Basel III: “We are mitted to improve banks39。 Level 2: ensuring regulatory consistency with Basel III。 treatment of banks’ investments in insurance panies。 the consequence of the single rule book for countries39。 Introducing minimum global liquidity standards to improve banks’ resilience to acute short term stress and to improve longer term funding。 resilience to financial and economic shocks. Building on progress made to date, we call on jurisdictions to meet their mitment to implement fully and consistently the Basel II riskbased framework as well as the Basel II5 additional requirements on market activities and securitisation by end 2011 and the Basel III capital and liquidity standards, while respecting observation periods and review clauses, starting in 2013 and pleting full implementation by 1 January 2019.”3 This interim report details the progress the members of the Basel Committee on Banking Supervision4 have made to date in implementing the Basel III regulatory framework (including Basel II5 and Basel ,6 which now form integral parts of Basel III). The report also describes various implementation issues identified through the prehensive process the Committee has adopted to monitor members’ implementation of Basel III. Compared to the status at endSeptember 2011 and endMarch 2012, when the Committee published previous reports, significant progress has been observed. However, there are jurisdictions which have missed the globallyagreed implementation dates for Basel II and . There are also jurisdictions that have not made enough progress to date on Basel III and thus pose concern as to their ability to meet the agreed Basel III implementation date. 1 Basel III: A global regulatory framework for more resilient banks and banking systems, December 2010, : International framework for liquidity risk measurement, standards and monitoring, December 2010, 2 Seoul G20 Summit document 3 Cannes G20 Summit document 4 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. The Committee’s governing body is the Group of Central Bank Governors and Heads of Supervision, which is prised of central bank governors and (noncentral bank) heads of supervision from member countries. The Committee usually meets at the Bank for International Settlements (BIS) in Basel, Switzerland, where its permanent Secretariat is located. 5 Basel II: International Convergence of Capital Measurement and Capital Standards: A Revised Framework, June 2006, 6 Enhancements to the Basel II framework, July 2009, Report to G20 Leaders on Basel III implementation 17 On 7 June, the Federal Reserve’s Board of Governors published draft Basel III regulations, and these will be considered also by the FDIC and OCC in June 2012. As of endMay 2012, 21 of 27 Basel member countries have implemented Basel II, which had been due to e into force from end2006. In addition, Indonesia and Russia have implemented Basel II’s Pillar 1 (minimum capital requirements). Argentina, China, Turkey and the United States are in the process of implementing Basel II. With regard to Basel , which was due to be implemented from end 2011, 20 member countries have final rules that are in force. Argentina, Indonesia, Mexico, Russia, Turkey and the United States have not issued final regulations. Russia and the United States have issued draft regulations which partially cover Basel . Saudi Arabia has issued final regulations but these have not yet e into force. Among the 29 global systemically important banks (GSIBs) identified in November 2011, nine are headquartered in jurisdictions that have not yet fully implemented Basel II and/or Basel . Draft Basel III regulations have not yet been