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BCBS Pillar 3 Disclosure Requirements on Expected Credit Loss

The Clearing House (TCH) filed a letter responding to the Basel Committee’s technical amendment proposing additional Pillar 3 disclosure requirements for those jurisdictions implementing an expected credit loss accounting standard (ECL). TCH expressed support for the Basel Committee’s goal of comparable and consistent disclosures, but urged that (i) the Basel Committee provide national discretion for implementation of the proposed amendments to the Pillar 3 disclosure requirements and (ii) the proposed disclosure requirements should not be effective for a jurisdiction until that jurisdiction has implemented ECL accounting standards.