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.