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FSA Warns Firms Not to Forget Basel III

On 22 February 2013, the FSA published a refreshed statement regarding the Capital Requirements Directive (“CRD IV”).  It notes that, in accordance with Basel III, CRD IV had an implementation date of 1 January 2013.  Unfortunately, this deadline has been missed due to the continued tri-logue process between the EU Commission, EU Parliament and EU Council.

No alternative date has yet been communicated by the EU institutions.  Nevertheless, the FSA expects firms to ‘take all action they can prepare for implementation of CRD IV’.  For its part, the FSA will do likewise and believes that it will be ready to begin collecting data under common reporting standards commencing on 1 January 2014.

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