Is this good news ?, page-6

Yes, the EU has to become compliant by June 29 2021. Three Swiss banks (UBS, Credit Suisse, and Julius Baer) made the move in late January 2021 in preparation for Basel III. One thing that is not widely known is that whilst the US domicile banks have until 01 Jan 2022 to be compliant, they must be compliant before hand if they intend doing any business with EU banks from June 29th and that includes the LBMA (London Bullion Bank).

There are 10 countries that are already compliant and Australia is one of those countries. One of the other requirements of Basel III also requires banks to lift their reserve base from 4.5% to 7%. That's over a 50% increase. Those banks holding Gold will be advantaged because Gold moves from Tier 3 (50% book valuation) to Tier 1 (100% valuation) but being Tier 1 the gold must be allocated.