18.2.2016   

EN

Official Journal of the European Union

L 41/23

(1)

Commission Implementing Decision 2014/908/EU (2) lays down lists of third countries and territories whose supervisory and regulatory arrangements are found equivalent to the corresponding supervisory and regulatory arrangements applied in the Union in accordance with Regulation (EU) No 575/2013.

(2)

The Commission has conducted further assessments of the supervisory and regulatory arrangements applicable to investment firms and exchanges using the same methodology as for the equivalence assessments that led to the adoption of Implementing Decision 2014/908/EU.

(3)

In its assessments, the Commission has considered relevant developments in the supervisory and regulatory framework since the adoption of Implementing Decision 2014/908/EU and took into account available sources of information, including independent assessments carried out by international organisations, such as the International Monetary Fund and the International Organization of Securities Commissions.

(4)

The Commission has concluded that in Japan only the supervisory and regulatory arrangements applied to a subset of the Japanese investment firms comply with a series of operational, organisational and supervisory standards reflecting the essential elements of the Union's supervisory and regulatory arrangements applicable to investment firms. That subset of Japanese investment firms, as defined in Article 28 of the Financial Instrument and Exchange Act of Japan, engages in defined business and is referred to in Japan's legal framework as Type I Financial Instruments Business Operators (Type I FIBOs). Type I FIBOs are subject to specific rules related to registration capital requirements, as well as to ongoing risk-based capital requirements. Based on the analysis carried out, it is appropriate to consider the supervisory and regulatory requirements applied to Type I FIBOs located in Japan as at least equivalent to those applied in the Union for the purposes of Article 107(4) and Article 142(1)(4)(b) of Regulation (EU) No 575/2013.

(5)

The Commission has concluded that Hong Kong, Indonesia and South Korea have in place supervisory and regulatory arrangements which comply with a series of operational, organisational and supervisory standards reflecting the essential elements of the Union's supervisory and regulatory arrangements applicable to investment firms. Therefore, it is appropriate to consider the supervisory and regulatory requirements applied to investment firms located in those third countries and territories as at least equivalent to those applied in the Union for the purposes of Article 107(4) and Article 142(1)(4)(b) of Regulation (EU) No 575/2013.

(6)

The Commission has concluded that Australia, Indonesia and South Korea have in place supervisory and regulatory arrangements which comply with a series of operational standards reflecting the essential elements of the Union's supervisory and regulatory arrangements applicable to exchanges. Therefore, it is appropriate to consider the supervisory and regulatory arrangements applied to exchanges located in those third countries as at least equivalent to those applied in the Union for the purposes of Article 107(4) of Regulation (EU) No 575/2013.

(7)

Implementing Decision 2014/908/EU should therefore be amended to include those third countries and territories in the appropriate list of third countries and territories whose supervisory and regulatory requirements are considered equivalent to the Union's regime for the purposes of the treatment of exposures according to Regulation (EU) No 575/2013.

(8)

The measures provided for in this Decision are in accordance with the opinion of the European Banking Committee,

(1)

Annex II is replaced by the text set out in Annex I to this Decision;

(2)

Annex III is replaced by the text set out in Annex II to this Decision;

(3)

Annex V is replaced by the text set out in Annex III to this Decision.