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.
We have a bank-centric financial system in Mauritius. Of the 21 banks operating in our jurisdiction, 12 are foreign international banks. Two of our locally-owned banks have gone international. We therefore find it obligatory to adhere to the principles established by the standard setters of the BCBS. Basel I Accord was adopted in our jurisdiction way back in 1993.