They have no say in the standard-setting exercise and have no formal obligation to adhere to the standards. Yet many countries falling outside the BCBS are implementing them.
Regulators in developing countries face enormous implementation challenges not only because of the complexity of the standards and the recalibration needed to reflect local contexts before they can be fully implemented but also because of gaps in financial market infrastructure and the lack of sophistication of the financial markets. Where these are missing, one could only expect low levels of implementation.