"The timing of this implementation is not immediate. The French questions can be answered by the review," Financial Stability Board (FSB) Chairman, Mario Draghi, told reporters.

"The members of the FSB and the G20 will lead by example," Draghi said, but it was unclear what sanctions could be taken for non-compliance apart from public glare.

He was speaking after updating finance ministers from the G20 group of countries on progress in implementing regulatory measures agreed by their leaders in September as part of efforts to learn from the credit crunch and cut risk in markets.

The FSB has been tasked by the G20 to make sure that a wide range of new financial regulation is applied consistently across the world so that countries do not try to take advantage.

"Since Pittsburgh, action has been taken by several countries in implementing the FSB principles. France, Italy, Switzerland, UK and United States have taken action," Draghi said.,

"Others are coming shortly, Canada, Brazil and Germany. We will develop a template to be used for the peer review that we will conduct by March 2010. There is great interest in seeing countries do implement these principles across the board."

France was concerned its banks would be disadvantaged if the United States interpreted the G20 bonus curbs more loosely.

"My American colleague, (U.S. Treasury Secretary) Tim Geithner, assured me that during the next bonus season, the United States will be largely in line with the FSB principles. We are very pleased," French economy minister Christine Lagarde told reporters.

The rules -- which require bonuses to be deferred over time, with a chunk paid in the form of shares -- are part of a wider "peer review" the FSB is introducing to ensure its members apply all the new G20 principles. The aim is to show it is serious about reforming the financial system.

A "toolbox" will be devised by February 2010 to deal with "non-cooperative jurisdictions" or countries that don't apply globally-agreed financial rules properly.

Draghi responded to criticisms from banks this week that the full impact of several new bank capital requirements must be assessed properly otherwise their ability to lend will be harmed, thus jeopardising economic recovery.

"The FSB is fully aware of the concern expressed by the industry as far as timing of implementation, the impact of these measures and coherence across different jurisdictions," he said.

The Basel Committee on Banking Supervision publishes draft proposals next month that will include a cap on bank leverage and improve the quality of capital held from the end of 2012.

"I am confident we will find a way to implement the three sets of measures without hampering the economy," Draghi said.

A snapshot of banks has highlighted dangers for some banks that continue to receive help such as state-backed guarantees to their deposits and capital injections.

"This snapshot reveals two types of banks. Ones that are basically walking on their own now, able to stand on their feet and some banks that have become dependent ... Some jurisdictions might continue to support unsustainable business models," he said.

(Additional reporting by Anna Willard, editing by Mike Peacock)