RiskTech Forum

Canada will implore G20 nations to maintain Basel III schedule, says official

Posted: 5 November 2012  |  Source: FINCAD

Canada plans to urge the other nations of the G20 to stick to their previously-determined timeline for adopting Basel III, a senior official in the country's finance ministry told Reuters on November 1.

The official, who spoke on condition of anonymity, said that it was crucial that the regulatory regime's laws and established timeline be observed and stated that Finance Minister Jim Flaherty will make that viewpoint known to other key officials in the G20, according to Reuters.

It was previously agreed upon that the Basel III requirements would be phased in starting in 2013, but this timeline could be pushed back as a result of industry participants in these nations stating that they are not ready to adopt the rules, and that the specifics are overly complex, the media outlet reports.

The G20 meeting is scheduled to occur right before the U.S. presidential election, and the detraction that this makes from the event's visibility will be exacerbated by U.S. Treasury Secretary Timothy Geithner's failure to attend, according to the news source.

Bank of Canada Governor Mark Carney said earlier in the year during a television interview that while the regulatory reforms that have been created after the financial crisis have been helpful, there is a great deal that still needs to be done and maintaining momentum is key.