Econ Vote On Resolution On Basel III Revisions

On November 10, 2016, the European Parliament published a press release on a vote taken by its Committee on Economic and Monetary Affairs ("ECON") in relation to revisions to Basel III, which are currently under consideration by the Basel Committee on Banking Supervision ("BCBS").

The text of the resolution has not been published, yet the release states that it calls on the European Central Bank ("ECB"), the European Commission ("EC") and the EBA to engage in the BCBS's work and report to the ECON on their progress. Furthermore, the press release states that the revisions should:

• strengthen the overall financial provision of European banks but should not significantly increase overall capital requirements;