Banking organizations should take note that last week the Basel
Committee on Banking Supervision ("Basel Committee")
released proposed revisions to its core principles for effective
banking supervision (the "Revised Principles"). The
Revised Principles, if adopted by the Basel Committee, will not
have the force of law on their own. However, the International
Monetary Fund and World Bank assess the degree to which their
member jurisdictions have implemented the Basel Committee's
core principles, and, therefore, we expect many jurisdictions will
incrementally adapt supervisory practices from the Revised
Principles. This Legal Update provides background and further
detail on the Revised Principles, on which comments are due by
October 6, 2023.
To learn more, read our legal update.
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