Featured Product

    EC Amends Decision Regarding List of Third Countries Under CRR

    March 29, 2019

    EC published the Implementing Decision (EU) 2019/536 regarding the lists of third countries and territories whose supervisory and regulatory requirements are considered equivalent for the treatment of exposures, in accordance with the Capital Requirements Regulation or CRR (EU Regulation No 575/2013). Decision 2019/536 amends the Implementing Decision 2014/908/EU. The key change involves the addition of Argentina to the lists, after EC concluded that the supervisory and regulatory requirements applied to credit institutions in Argentina are at least equivalent to those applied in EU. Decision (EU) 2019/536 shall enter into force on the twentieth day following that of its publication in the Official Journal of the European Union.

    EC conducted assessments of the supervisory and regulatory arrangements applicable to credit institutions in third countries and territories. These assessments have enabled EC to evaluate the equivalence of these arrangements for the purposes of determining the treatment of the relevant categories of exposures mentioned in Articles 107, 114, 115, 116, and 142 of CRR. In its assessments, EC has considered relevant developments in the supervisory and regulatory framework since the adoption of Implementing Decision (EU) 2016/2358 and taken into account available sources of information, including the assessment made by EBA. The assessment by EBA recommended that the supervisory and regulatory frameworks applicable to credit institutions in Argentina should be considered as equivalent to the Union legal framework for the purposes of Articles 107(4), 114(7), 115(4), 116(5), and 142(1)(4)(b) of CRR.

    EC concluded that Argentina has in place supervisory and regulatory arrangements that comply with a series of operational, organizational, and supervisory standards reflecting the essential elements of the Union's supervisory and regulatory arrangements applicable to credit institutions. Therefore, it is appropriate to consider the supervisory and regulatory requirements applied to credit institutions located in Argentina as at least equivalent to those applied in the Union. The Implementing Decision 2014/908/EU, therefore, has been amended to include Argentina in the relevant lists of third countries and territories whose supervisory and regulatory requirements are considered equivalent to the Union's regime for the treatment of exposures in accordance with CRR. Annexes I , IV, and V to Decision 2014/908/EU has been replaced by the text set out in the respective Annexed I, II, and III to Decision (EU) 2019/536.

    The lists of third countries and territories considered to be equivalent for the relevant provisions of CRR are not exhaustive. EC, with the assistance of EBA, will continue to regularly monitor the evolution of supervisory and regulatory arrangements of third countries and territories with a view to updating, as appropriate and at least every five years, the lists of third countries and territories set out in Decision 2014/908/EU in light of the constant developments of supervisory and regulatory arrangements.

     

    Related Links

    Effective Date: April 18, 2019

    Keywords: Europe, EU, Argentina, Banking, CRR, Supervisory and Regulatory Requirements, Equivalence, Third Country, Decision 2019/536, EC

    Featured Experts
    Related Articles
    News

    BoE Consults on Approach to Setting MREL, Publishes Bail-In Guidance

    The Bank of England (BoE) published a consultation paper on approach to setting minimum requirement for own funds and eligible liabilities (MREL), an operational guide on executing bail-in, and a statement from the Deputy Governor Dave Ramsden.

    July 22, 2021 WebPage Regulatory News
    News

    EBA Seeks Views on Proportionality Assessment Methodology

    The European Banking Authority (EBA) is seeking preliminary input on standardization of the proportionality assessment methodology for credit institutions and investment firms.

    July 22, 2021 WebPage Regulatory News
    News

    US Agencies Propose Changes to Call Reports and Instructions

    Certain regulatory authorities in the US are extending period for completion of the review of certain residential mortgage provisions and for publication of notice disclosing the determination of this review until December 20, 2021.

    July 22, 2021 WebPage Regulatory News
    News

    PRA Finalizes Rulebook Definition of Higher Paid Material Risk-Taker

    The Prudential Regulation Authority (PRA) published the policy statement PS18/21, which introduces an amendment in the definition of "higher paid material risk taker" in the Remuneration Part of the PRA Rulebook.

    July 21, 2021 WebPage Regulatory News
    News

    EBA Examines Asset Encumbrance in Banking Sector

    The European Banking Authority (EBA) published its annual report on asset encumbrance in banking sector.

    July 21, 2021 WebPage Regulatory News
    News

    EBA Publishes Methodological Guide to Mystery Shopping

    The European Banking Authority (EBA) published a methodological guide to mystery shopping.

    July 21, 2021 WebPage Regulatory News
    News

    APRA Issues Update on Capital Reform Policy Settings for Banks

    The Australian Prudential Regulation Authority (APRA) released a letter to authorized deposit-taking institutions to provide an update on key policy settings for the capital framework reforms, which will come into effect from January 01, 2023.

    July 21, 2021 WebPage Regulatory News
    News

    CPMI-IOSCO Assess Continuity Planning of Market Infrastructures

    The Committee on Payments and Market Infrastructures (CPMI) and the International Organization of Securities Commissions (IOSCO) published a report that assesses the business continuity planning activities of financial market infrastructures or FMIs.

    July 21, 2021 WebPage Regulatory News
    News

    BoE Announces Changes to Validation Rules for Form BTL

    The Bank of England (BoE) published questions and answers (Q&A) on OSCA to BEEDS migration for statistical reporting as well a presentation from the project overview session held with statistical reporters.

    July 20, 2021 WebPage Regulatory News
    News

    BCBS Proposes Changes to Process for Reviewing G-SIB Methodology

    The Basel Committee on Banking Supervision (BCBS) is consulting on a technical amendment to the Basel Framework to reflect a new process reviewing the global systemically important bank (G-SIB) assessment methodology.

    July 20, 2021 WebPage Regulatory News
    RESULTS 1 - 10 OF 7281