This includes a proposal for two new legal acts: a directive, which needs to be implemented in each Member State, with provisions on the authorisation and supervision of credit institutions and investment firms; and a regulation laying down the prudential standards which will have direct application across the EU.
A roadmap approach for implementation of Basel II In the light of experience gained by us, it appears that the balance of advantage would lie in favour of encouraging the central banks / banking sector regulators to implement Basel II framework at their own pace and in a manner as appropriate to their economies, banking systems and supervisory mechanisms.