While the Basel II process dragged on for years, international and domestic regulators appear intent on delivering a new set of capital and liquidity standards on time by yearend.

Although some were skeptical when the Group of 20 industrialized nations pledged to agree to higher standards by their upcoming meeting in November, the Basel Committee on Banking Supervision has already made significant progress toward that goal. It released revisions last month to its December 2009 proposal, and is set to unveil later in August its economic impact assessment on new capital rules. The panel is expected to put forth finalized calibration and phase-in agreements by its next meeting in September.

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