The current Solvency I insurance directives that apply to all insurance companies undertaking business in EU member countries will remain in force until 1 January 2014. From this date onwards, the new Solvency II directive will become effective. For details on these evolving standards, please refer to the European Commission and the European Insurance and Occupational Pensions Authority (EIOPA)
Basel II and Basel III
The current Basel II framework, initially published in June 2004, applies to banking laws and regulations issued by the Basel Committee on Banking Supervision (BCBS). Basel II was established as an international standard for regulators to ensure banks maintained appropriate capital against financial and operational risks.
Basel III was developed in response to the deficiencies in financial regulation from the Global Financial Crisis. The revised accord will supersede the regulations under Basel II and aims to strengthen bank capital requirements and introduces new regulatory requirements on bank liquidity and leverage.
For more information, view the discussion papers, information notes and standards under Basel II relevant to Australia and the International Framework for Basel II; and the draft standards and submissions on Basel III in Australia and the International Framework for Basel III.