Regulatory Alerts2009-06-10
Added · Updated
Basel II: Parallel-Run and Other Implementation Issues
The document mandates banking institutions to submit proposed statutory returns for Basel II parallel-run testing in two stages, with the first stage due by 24 July 2009 for data as of 30 June 2009 and the second stage due by 26 October 2009 for data as of 30 September 2009. Submissions must adhere to a maximum tolerance error criterion of 15% and a one-month permanent problem fixing timeline, with the regulator reserving the right to extend parallel-run requirements beyond the 1 January 2010 go-live date if submission quality is insufficient. Additionally, all banking institutions must submit the second trail-run for the Internal Capital Assessment Process by 30 September 2009 and are encouraged to obtain oversight sign-off from internal or external auditors.
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