The Basel Committee has proposed this weekend root and branch, fundamental revisions of the Basel II Framework in all three pillars Pillar 1 (minimum capital requirements), Pillar 2 (supervisory review process) and the third pillar (market discipline); reflecting particular concern about the trading book, ABCP Conduits, Structured Products and more particularly Banking Supervision (as opposed to regulation). The impacts of the proposed changes to Pillar 3 (Disclosure) look unusually interesting and may have cross-implications for Accounting Standards. These proposals will have implications also for legislators in Europe, in the first instance. We can be sure that this time, the proposals “are going to happen” and are not some far off academic babble. The regulators and supervisors have the position of strength now.