The Financial Supervisory Service announced on the 13th that its Commissioner Lee Bok-hyun attended the Basel Committee on Banking Supervision (BCBS) High-level Meeting (GHOS) held in Basel, Switzerland, on the 12th. GHOS is the highest decision-making body of the BCBS, where heads of financial supervisory agencies and governors of Central Banks from member countries gather.
The attendees of this GHOS examined the implementation status of the Basel III final framework regulations confirmed in 2017. After confirming that about 70% of member countries are currently complying with or are set to implement the Basel III regulations, the attendees unanimously agreed that Basel III implementation should be expedited.
Additionally, the BCBS stated that it will announce a system for climate risk disclosure based on voluntary implementation in the future.