Update 28 April 2017
This supervisory statement was updated following publication of PS9/17 ‘Implementation of MiFID II: Part 2’, to update references in paragraph 2.26 from Markets in Financial Instruments Directive (MiFID) to MiFID II. The updates referring to MiFID II take effect from Wednesday 3 January 2018. See annex for details.
Update 23 January 2015
The part of SS20/13 dealing with third country equivalence aspects of the credit risk provisions in the Capital Requirements Regulation is no longer applicable with effect from 1 January 2015, and has been deleted. On 12 December 2014, the European Commission published a decision of binding effect as to which third countries apply supervisory and regulatory arrangements at least equivalent to those applied in the European Union. The decision came into effect on 1 January 2015 and is available on the Commission Implementing Acts webpage, and has effect in place of the relevant part of SS20/13.
Published on 30 December 2013
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.
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.