
In parallel with the work undertaken by the Basel Committee on Banking Supervision, the departements of the European Commission are also working on a revision of the EU's solvency requirements. The relevant EC Directives are legally binding for all banks and investment firms in the EU. The departements of the European Commission are publishing their own consultative documents as the negotiations progress. The intention is to conclude the legislative process, including national implementation, in such a way that the revised requirements enter into force at the same time as Basel II.