EU Confirms Delay of New Banking Rules Until 2027

EU confirms delay of new banking rules until 2027

BRUSSELS (Reuters) -The European Commission on Thursday said it would delay the implementation of new, global rules governing banks' trading by a year, until Jan 1, 2027.

Sources told Reuters last month that the EU would delay the implementation of the rules as it waits for more clarity about the U.S. administration's plans to deregulate its financial sector.

The so-called Fundamental Review of the Trading Book is a key part of the Basel III package, devised in the wake of the global financial crisis, but not yet implemented by Britain or the United States, two of the world's key financial centres.

Its adoption in the EU was already pushed back by a year to 2026 last year, when it became clear that the United States would not be able to adopt the rules by its original deadline.

"Recent international developments have indicated further delays in the Basel III implementation by some major global jurisdictions," the Commission said in a statement on Thursday.

"Therefore, concerns regarding the international level playing field and the impact on EU banks remain high."

(Reporting by Bart Meijer; Editing by GV De Clercq)