Featured Product

    EC Consults to Revise List of Equivalent Third Countries Under CRR

    August 06, 2021

    The European Commission (EC) published the draft implementing decision on the equivalence of supervisory and regulatory requirements in certain third countries and territories, for the treatment of exposures in accordance with the Capital Requirements Regulation or CRR. EC is adding Bosnia and North Macedonia to the list of “equivalent third countries” with respect to the supervisory and regulatory arrangements for credit institutions in these countries. The draft decision also establishes a new list of equivalent third countries for the large exposures framework, as per the empowerment under the amended CRR. EC is requesting feedback on the decision until September 03, 2021. Post which, the decision shall enter into force on the twentieth day following that of its publication in the Official Journal of the European Union.

    The draft implementing decision lays down the following:

    • Third countries and territories listed in Annex I to the Decision shall be considered as applying supervisory and regulatory arrangements to credit institutions equivalent to those applied in the European Union.
    • Third countries listed in Annex II to the Decision shall be considered as applying supervisory and regulatory arrangements to investment firms equivalent to those applied in the European Union.
    • Third countries listed in Annex III to the Decision shall be considered as applying supervisory and regulatory arrangements to exchanges equivalent to those applied in the European Union
    • Third countries and territories listed in Annex IV to the Decision shall be considered as applying supervisory and regulatory arrangements equivalent to those applied to credit institutions in the European Union.
    • Third countries and territories listed in Annex V to this Decision shall be considered as applying supervisory and regulatory arrangements equivalent to those applied to credit institutions and investment firms in the European Union.
    • Third countries and territories listed in Annex VI to this Decision shall be considered as applying supervisory and regulatory arrangements equivalent to those applied in the European Union for the purposes of Article 391 of CRR.

     

    Related Link: Draft Implementing Decision

    Comment Due Date: September 03, 2021

    Effective Date: OJ+1 Day

    Keywords: Europe, EU, Banking, Securities, Third Country, CRR, Basel, Investment Firms, Large Exposures, Equivalence Regime, EC

    Related Articles
    News

    EBA Clarifies Use of COVID-19-Impacted Data for IRB Credit Risk Models

    The European Banking Authority (EBA) published four draft principles to support supervisory efforts in assessing the representativeness of COVID-19-impacted data for banks using the internal ratings based (IRB) credit risk models.

    June 21, 2022 WebPage Regulatory News
    News

    EP Reaches Agreement on Corporate Sustainability Reporting Directive

    The European Council and the European Parliament (EP) reached a provisional political agreement on the Corporate Sustainability Reporting Directive (CSRD).

    June 21, 2022 WebPage Regulatory News
    News

    PRA Consults on Model Risk Management Principles for Banks

    The Prudential Regulation Authority (PRA) launched a consultation (CP6/22) that sets out proposal for a new Supervisory Statement on expectations for management of model risk by banks.

    June 21, 2022 WebPage Regulatory News
    News

    EC Regulation Amends Standards for Calculating Credit Risk Adjustments

    The European Commission (EC) published the Delegated Regulation 2022/954, which amends regulatory technical standards on specification of the calculation of specific and general credit risk adjustments.

    June 21, 2022 WebPage Regulatory News
    News

    BIS Hub Updates Work Program for 2022, Announces New Projects

    The Bank for International Settlements (BIS) Innovation Hub updated its work program, announcing a set of projects across various centers.

    June 17, 2022 WebPage Regulatory News
    News

    EIOPA Issues Cyber Underwriting Proposal, Statement on Open Insurance

    The European Insurance and Occupational Pensions Authority (EIOPA) published two consultation papers—one on the supervisory statement on exclusions related to systemic events and the other on the supervisory statement on the management of non-affirmative cyber exposures.

    June 17, 2022 WebPage Regulatory News
    News

    US Senate Members Seek Details on SEC Proposed Climate Disclosure Rule

    Certain members of the U.S. Senate Committee on Banking, Housing, and Urban Affairs issued a letter to the Securities and Exchange Commission (SEC)

    June 16, 2022 WebPage Regulatory News
    News

    EIOPA Consults on Review of Securitization Framework in Solvency II

    The European Insurance and Occupational Pensions Authority (EIOPA) published a consultation paper on the advice on the review of the securitization prudential framework in Solvency II.

    June 16, 2022 WebPage Regulatory News
    News

    UK Authorities Issue Regulatory and Reporting Updates for Banks

    The Prudential Regulation Authority (PRA) issued a statement on PRA buffer adjustment while the Bank of England (BoE) published a notice on the statistical reporting requirements for banks.

    June 15, 2022 WebPage Regulatory News
    News

    BCBS Issues Climate Risk Principles while HKMA Expresses Its Support

    The Basel Committee on Banking Supervision (BCBS) issued principles for the effective management and supervision of climate-related financial risks.

    June 15, 2022 WebPage Regulatory News
    RESULTS 1 - 10 OF 8280