The UK PRA has announced that its implementation of Basel III finalisation is to be delayed by another year, to 1 January 2027 – ostensibly to allow “greater clarity to emerge about plans for its implementation in the United States” with President Trump expected to pursue a deregulatory agenda with implications for competitiveness internationally.
While the rules published by the PRA in September 2024 had been understood to be effectively final, the delay and the reasoning behind it will inevitably suggest that changes are at least possible. It will be interesting to see whether there is any response from the EU, which whose Basel III finalisation implementation went live on 1 January 2025 through the CRR regime.
