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    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

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