The European Commission (EC), regulatory agency for the European Union (EU), announced on December 3 that it will not comply with a previously-established deadline for Basel III adoption of January 1, 2013.
While these regulations for lending institutions are supposed to be implemented by the aforementioned deadline, efforts to do so are being hindered by the inability of regional lawmakers to agree on the final rules, according to Dow Jones Newswires.
The 27 member nations of the EU have not been able to reach an agreement with the European Parliament on what the final laws will look like, the media outlet reports. Regional lawmakers are also working on the specifics of CRD4, the legislation that will govern Basel III implementation.
There are disputes regarding this legislation that must be resolved, as some lawmakers want to provide different lending institutions in the area with varying capital requirements and cap the compensation of bank stuff, according to the news source.
This announcement comes shortly after banking regulators in the United States declared that the nation's lending institutions will no longer need to comply with Basel III starting on January 1, and failed to specify a new deadline.
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