Basel III Comment Period Extended

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On August 8, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency (the “Banking Agencies”) announced an extension to the comment period with respect to three notices of proposed rulemaking (originally released on June 7) that would revise and replace current capital rules in accordance with requirements in Basel III and the Dodd-Frank Act. According to the release by the Banking Agencies, comments will now be accepted until October 22. The extension was provided to allow interested persons more time to understand the proposals and prepare comments.

For more information, see here.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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