The Bank of England delays implementation of new banking transaction regulations.

The Bank of England announced on Tuesday that the implementation date for certain provisions of the new rules regarding bank transactions will be delayed by one year to 2028, while maintaining the implementation date for other parts of the Basel 3.1 rules to be January 2027. The "Fundamental Review of the Trading Book" framework sets out capital and reporting requirements related to bank trading assets, with key provisions including how to measure risks using either the standard approach or a bank's internal model approach. The Bank of England stated that in order to give businesses more preparation time and considering the uncertainty of implementation of FRTB in other jurisdictions, it is recommended to delay the implementation of the new FRTB internal model approach. Other jurisdictions have also delayed the implementation of certain parts of the Basel rules, as they are watching the U.S. financial services' plans to relax regulations, in order to avoid burdening their own companies before following suit.