Part 1: Prudential regulation of credit institutions and investment firms Section 4: CRR Basel standards
Subsection (1) defines the concept of a "CRR Basel Standard", which means those Basel standards relevant to this Act. Since 2010, the BCBS has published the Basel III framework, as finalised by Basel 3.1. Some of the standards from these publications have been partially implemented in the UK.
	The standards in scope of the CRR Basel Standards, and therefore relevant to this Act, are those contained in the publications listed in subsection (2) which have not yet been implemented in the UK.
	Subsection (3) ensures that future BCBS publications fall in scope of the CRR Basel standards. Currently, the latest recommended implementation date of the finalised Basel standards is 1 January 2023, which has been postponed by one year. Any forthcoming publications by the BCBS that share this implementation date, or any later implementation date if it is postponed again, are also included in the definition of CRR Basel standards. This would, for example, include publications by the BCBS on the capital treatment of securitisation of non-performing loans, which are expected to be forthcoming.
	Subsection (4) explains that a recommended standard is not a CRR Basel standard if it has already been implemented in statute or through PRA rules immediately before the day on which this Schedule comes into force. This contributes to the intention of this Act that it is for the implementation of outstanding Basel standards only.
	Subsection (5) is self-explanatory.