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    EC Publishes Decision on List of Equivalent Third Countries Under CRR

    October 04, 2021

    The European Commission (EC) published the Implementing Decision 2021/1753 on the equivalence of supervisory and regulatory requirements of certain third countries and territories for the purposes of the treatment of exposures, in accordance with the Capital Requirements Regulation or CRR (575/2013). The Decision covers the equivalence of requirements applied to exposures to central governments, central banks, regional governments, local authorities, and public-sector entities in line with certain articles in CRR. Decision 2021/1753 shall enter into force on the twentieth day following that of its publication in the Official Journal of the European Union. This Decision repeals the Implementing Decision 2014/908/EU on the list of third countries considered to be equivalent.

    Bosnia and Herzegovina and North Macedonia have been included in the relevant lists of third countries and territories, after EC concluded that the prudential, supervisory, and regulatory requirements applied to credit institutions in Bosnia and Herzegovina and North Macedonia are at least equivalent to those applied in the European Union. The Implementing Decision 2021/1753 covers equivalence of requirements applied to 

    • credit institutions for the purposes of Article 107(4) of CRR. 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.
    • investment firms for the purposes of Article 107(4) of CRR. 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.
    • exchanges for the purposes of Article 107(4) of CRR. Annex III to the Decision shall be considered as applying supervisory and regulatory arrangements to exchanges equivalent to those applied in the European Union.
    • exposures to central governments, central banks, regional governments, local authorities and public sector entities for the purposes of Articles 114, 115 and 116 of CRR. 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.
    • credit institutions and investment firms for the purposes Article 142 of CRR. 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.
    • certain other institutions, with Annex VI to this Decision being 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: Implementing Decision 2021/1753

    Effective Date: October 24, 2021

    Keywords: Europe, EU, Banking, Securities, Investment Firms, CRR, Basel, Third Country, Equivalence Regime, Large Exposures, Concentration Risk, Credit Risk, Regulatory Capital, EC

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