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Home > Prudential Regulation Authority > Third country equivalence aspects of the credit risk provisions in the CRR, and recognised exchanges - SS20/13 UPDATED
 

Third country equivalence aspects of the credit risk provisions in the CRR, and recognised exchanges - SS20/13 UPDATED

30 December 2013

23 JANUARY 2015 - CONTENT ON THIS PAGE HAS BEEN UPDATED

For the update published on 23 January 2015 see:

Third country equivalence aspects of the credit risk provisions in the CRR, and recognised exchanges - SS20/13

For information only, the original publication issued on 30 December 2013 is available below.

This supervisory statement sets out the approach to be taken under the Capital Requirements Regulation (CRR) in relation to certain credit risk treatments of exposures to non-EEA (‘third country’) counterparties, and in relation to recognised exchanges.

Third country equivalence
 
The CRR empowers the European Commission to make decisions on whether a non-EEA state’s prudential and supervisory requirements are equivalent to those of the EU in relation to a number of credit risk treatments. Pending those decisions by the Commission, the CRR allows national supervisors’ determinations of eligibility for these treatments to be used until the end of 2014. This supervisory statement sets out the approach the Prudential Regulation Authority (PRA) will take to third country equivalence during 2014 in the absence of an equivalence determination by the European Commission.

Recognised exchanges
 
The CRR requires the European Securities and Markets Authority (ESMA) to produce draft technical standards by 31 December 2014 specifying recognised exchanges for the purposes of the CRR. Until such time as the ESMA implementing technical standards specifying the list of recognised exchanges are adopted by the European Commission, this supervisory statement sets out the recognised exchanges that the PRA considers to qualify under the CRR.
 
Supervisory Statement
 

 

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