LONDON, Aug 1 (IFR) - The implementation of the Basel 3 framework into European law is likely to be delayed past the deadline of January 1 2013 set by the global regulations, the UK Financial Services Authority said in a statement on Wednesday.
A delay in the European Parliament plenary vote on the so-called CRD4 and the recent statement by the Rapporteur of the European Parliament, as well as the discussion of the Council of Economic and Finance Ministers, mean that it is clear the legislation will not be adopted earlier than autumn 2012, the FSA said.
No alternative date has been communicated by the EU institutions over the proposals for banks' and investment firms' capital rules, the FSA added.
The UK regulator is set to keep the situation under active review and expects all banks to do the same.
Source: http://in.reuters.com/article/2012/08/01/idINL6E8J1K9I20120801
Source: http://in.reuters.com/article/2012/08/01/idINL6E8J1K9I20120801
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