Regulatory Alerts2004-01-01
Update on the Latest Developments Pertaining to the New Basel Capital Accord (Basel II)
The Office of the Registrar of Banks updates South African banks on the Basel Committee's revised implementation schedule for the Basel II capital accord, confirming that standardized and foundation approaches will commence at year-end 2006 while advanced approaches are postponed until year-end 2007. The regulator notes that the official Basel II framework will be published in June 2004 to guide domestic rule-making and aligns this phased timeline with local supervisory priorities. Financial institutions must return a completed acknowledgment of receipt, countersigned by the chief executive officer and independent auditors, to the Office.
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