Basel III is an international regulatory framework that strengthens bank capital requirements in response to the financial crisis. It builds on Basel II and introduces new regulations on bank capital, liquidity, and risk. The three pillars from Basel II are maintained: minimum capital requirements, supervisory review, and market discipline. Major changes include higher and better quality capital, countercyclical capital buffers, leverage ratio restrictions, and liquidity standards like the Liquidity Coverage Ratio. Implementation began in 2013 and will be fully phased in by 2019. The goals are to strengthen financial stability and banking sector resilience to economic stress.