The Basel Committee's oversight body, the Group of Central Bank Governors and Heads of Supervision (GHOS), provided relief to help financial institutions respond to the impact of Covid-19 on the global banking system by delaying deadlines for the implementation of the Basel III framework.

The following changes were adopted by the GHOS to the implementation timeline of the outstanding Basel III standards:

• The implementation date of the Basel III standards finalised in December 2017 has been deferred by one year to 1 January 2023. The accompanying transitional arrangements for the output floor has also been extended by one year to 1 January 2028.
• The implementation date of the revised market risk framework finalised in January 2019 has been deferred by one year to 1 January 2023.
• The implementation date of the revised Pillar 3 disclosure requirements finalised in December 2018 has been deferred by one year to 1 January 2023.

A copy of the press release can be viewed here.