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The business of banking, risk management practices, supervisory approaches, and financial markets each have undergone significant transformation since then. In June 1999 the Committee released a proposal to replace the 1988 Accord with a more risk-sensitive framework, on which more than 200 comments were received. Reflecting those comments and the results of ongoing dialogue with the industry and supervisors worldwide, the Committee is now presenting a more concrete proposal, seeking comments from interested parties by 31 May 2001. The Committee expects the final version of the new Accord to be published around the end of 2001 and to be implemented in 2004. The private-sector working group today recommended enhanced and more frequent public disclosure of financial information by banking and securities organizations.