The three US bank regulatory agencies issued a final regulation implementing a requirement to maintain a minimum amount of liquid assets in order to meet short-term liquidity needs, as required by Section 165 of the Dodd-Frank Wall Street Reform and Consumer Protection Act, to be phased in over a three-year period beginning in January 2015. In the EU, the Basel III liquidity coverage ratio standards have already been implemented although further technical details remain to be fleshed out by secondary legislation ahead of January 2015.

View full memo, Basel III Framework: Liquidity Coverage Ratio (US Implementation)