Editing Basel II (section)

==Chronological updates==

=== September 2005 update ===
On September 30, 2005, the four [[United States Department of the Treasury|US Federal]] banking agencies (the [[Office of the Comptroller of the Currency]], the [[Board of Governors of the Federal Reserve System]], the [[Federal Deposit Insurance Corporation]], and the [[Office of Thrift Supervision]]) announced their revised plans for the U.S. implementation of the Basel II accord. This delays implementation of the accord for US banks by 12 months.<ref>[http://www.federalreserve.gov/boarddocs/press/bcreg/2005/20050930/default.htm FRB Press Release: Banking Agencies Announce Revised Plan for Implementation of Basel II Framework]</ref>

=== November 2005 update ===
On November 15, 2005, the committee released a revised version of the Accord, incorporating changes to the calculations for market risk and the treatment of [[double default]] effects. These changes had been flagged well in advance, as part of a paper released in July 2005.<ref>[http://www.bis.org/publ/bcbs118.pdf International Convergence of Capital Measurement and Capital Standards: A Revised Framework]</ref>

=== July 2006 update ===
On July 4, 2006, the committee released a comprehensive version of the Accord, incorporating the June 2004 Basel II Framework, the elements of the 1988 Accord  that were not revised during the Basel II process, the 1996 Amendment to the Capital Accord to Incorporate Market Risks, and the November 2005 paper on Basel II: International Convergence of Capital Measurement and Capital Standards: A Revised Framework. No new elements have been introduced in this compilation. This version is now the current version.<ref>[http://www.bis.org/publ/bcbs128.pdf International Convergence of Capital Measurement and Capital Standards: A Revised Framework: Comprehensive Version]</ref>

=== November 2007 update ===
On November 1, 2007, the [[Office of the Comptroller of the Currency]] ([[U.S. Department of the Treasury]]) approved a final rule implementing the advanced approaches of the Basel II Capital Accord. This rule establishes regulatory and supervisory expectations for credit risk, through the Internal Ratings Based Approach (IRB), and operational risk, through the Advanced Measurement Approach (AMA), and articulates enhanced standards for the supervisory review of capital adequacy and public disclosures for the largest U.S. banks.<ref name=OCC />

=== July 2008 update ===
On July 16, 2008 the federal banking and thrift agencies (the board of governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the Office of the Comptroller of the Currency, and the Office of Thrift Supervision) issued a final guidance outlining the supervisory review process for the banking institutions that are implementing the new advanced capital adequacy framework (known as Basel II).  The final guidance, relating to the supervisory review, is aimed at helping banking institutions meet certain qualification requirements in the advanced approaches rule, which took effect on April 1, 2008.<ref>{{cite web|url=http://www.occ.gov/news-issuances/news-releases/2008/nr-ia-2008-81.html|title=OCC: Agencies Issue Final Guidance on Supervisory Review Process (Pillar 2) Related to Implementation of Basel II Advanced Approaches|work=occ.gov|date=2008-07-15}}</ref>

===Basel 2.5===
{{Anchor|Basel 2.5}}

A series of proposals to enhance the Basel II framework was announced by the Basel Committee in January 2009. The proposals included: revisions to the Basel II market risk framework; the guidelines for computing capital for incremental risk in the trading book; and proposed enhancements to the Basel II framework.<ref>[http://www.bis.org/publ/bcbs148.pdf?noframes=1 Revisions to the Basel II market risk framework]</ref>

A final package of measures, known as '''Basel 2.5,''' enhanced the three pillars of the Basel II framework and strengthened the 1996 rules governing trading book capital was issued in July 2009 by the newly expanded Basel Committee. These measures included revisions to the Basel II market-risk framework and the guidelines for computing capital for incremental risk in the trading book. In addition, capital requirements for trading book securitisation exposures were aligned with those in the banking book. A further consultation was launched in December 2009 which resulted in further updates in 2010.<ref>{{cite journal|url=http://www.bis.org/publ/bcbsca.htm|title=Basel II: Revised international capital framework|website=bis.org|date=2004-06-10}}</ref><ref>{{Cite web |title= |url=https://www.bis.org/bcbs/publ/d457_note.pdf}}</ref>