Efforts to shore up the global financial system in the wake of the 2008 crisis remain a work in progress, with the implementation of certain reforms facing delays, according a report published Friday from the Basel Committee on Banking Supervision (BCBS).

The report on implementation of the Basel III reforms examines the status of measures to beef up capital adequacy, to ensure liquidity, and to shore up bank funding.

These reforms “remain fundamental to building a resilient financial system, maintaining public confidence in regulatory ratios and providing a level playing field for internationally active banks,” the report says.

The report finds that there has been continued progress implementing the Basel III standards, and that banks have “continued to build capital and liquidity buffers while reducing their leverage.” Yet, it also cautions that “challenges remain” in ensuring that regulators adopt these standards in a timely way.

“While some member jurisdictions have implemented the standards based on the agreed timelines, others have faced delays so that, in many jurisdictions, rules have yet to be finalized or put into effect,” the report says.

“Delayed implementation may have implications for the level playing field, and puts unnecessary pressure on jurisdictions that have implemented or plan to implement the standards based on the agreed timelines. A concurrent implementation of global standards is all the more important, as many jurisdictions serve as hosts to internationally active banks,” says the report.

Additionally, the report notes that some countries are delaying the implementation of certain standards amid concerns about the pace of reform in other countries. Specifically, only 10 countries have adopted final rules setting net stable funding ratio standards, the report says.

At the same time, the report says: “A considerable number of Basel standards remain due to be transposed into domestic regulations over the next few years, including the requirements for total loss-absorbing capacity holdings and disclosure, the supervisory framework for measuring and controlling large exposures, and the final Basel III reforms.”