Jonathan Faull, director general, internal markets and services at the European Commission, said the fourth Capital Requirements Directive is not significantly different from Basel III rules, rejecting suggestions otherwise. "The European Union is the first to begin implementation of Basel III, and to those who said our proposals deviate from Basel III, that is not true," Faull said. "We have fully complied with Group of 20 commitments by translating them into our legal and institutional framework, and there are no material differences to what is contained in Basel III."

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