Singapore and Korea issue Basel II deadlines

SINGAPORE -- Regulators in Singapore and Korea are the latest to issue guidelines for Basel II implementation that set deadlines for the rollout of the new framework in their respective markets. In Korea, banks have until the end of 2007 to meet the Basel II requirements, with the Financial Supervisory Service (FSS) and Financial Services Commission (FSC) opting for a single implementation date for the standardised and advanced approaches.

In Singapore, however, financial institutions will be expected to implement Basel II in line with the timetable suggested by the Switzerland-based Basel Committee on Banking Supervision, meaning those institutions aiming for the basic and standardised approaches will have to comply with the new framework from the end of 2006. Those banks with approval from the Monetary Authority of Singapore (MAS) to implement the advanced approaches to credit and operational risk will have an extra year to