Leading financial figures in Asia have urged their European counterparts to avoid delaying the implementation of Basel III for too long.
It emerged yesterday (27 November) that policymakers in Europe are looking to follow the lead of American authorities by postponing the introduction of the rules amid fears that banks on the continent would be at a significant competitive disadvantage if they failed to do so.
Originally, the new regulations were scheduled to come into force as of January 2013, but authorities on both sides of the Atlantic now apparently see this timetable as unrealistic.
However, according to Reuters, there is a desire elsewhere in the world for Europe and the US to lead by example in terms of the rules.
For instance, Anand Sinha, deputy governor of the Reserve Bank of India, told a Thomson-Reuters summit in Hong Kong that these two areas are "the most important regions where Basel III should have been implemented".
"It would have been very helpful, even if there is a delay, if the US and eurozone could have indicated a definite timeline," the official added.
By Asim Shah