Regulatory Alerts2020-06-25
Proposed Implementation Dates for Specified Regulatory Reforms
The Prudential Authority of South Africa has issued Guidance Note 7/2020 to establish revised implementation timelines for outstanding Basel III regulatory reforms in response to the global financial crisis and the Covid-19 pandemic. The document sets specific compliance dates ranging from January 2021 to January 2028 for key frameworks including counterparty credit risk, capital requirements for funds and central counterparties, large exposures, interest rate risk, and the output floor. These adjusted schedules incorporate industry feedback, quantitative impact studies, and the Basel Committee’s one-year deferral to ensure financial stability while allowing banks adequate preparation time.
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