EBA欧洲银行-EBA-Opinion-on-Third-Country-Equivalence-Argentina_3页_204kb

EBA Opinion on the Equivalence of Supervisory and Regulatory Requirements in Relation to Argentina

Introduction and Legal Basis

The European Banking Authority (EBA) has issued an opinion on the equivalence of prudential, supervisory, and regulatory requirements in Argentina, based on its competence under Article 34(1) and 33(2) of Regulation (EU) No 1093/2010. This assessment is conducted in response to a request from the European Commission, which seeks to determine whether Argentina's legal and supervisory frameworks meet the standards of the European Union (EU) for third countries.

The opinion is structured in accordance with Article 14(5) of the Rules of Procedure of the Board of Supervisors. The EBA's assessment focuses on whether Argentina applies requirements that are at least equivalent to those in the EU, as outlined in Regulation (EU) No 575/2013 (CRR), particularly in the following areas:

• Exposures to third country investment firms, credit institutions, clearing houses, and exchanges (CRR Art. 107(3) and (4))
• Exposures to third country central governments and central banks (CRR Art. 114(7))
• Exposures to third country regional governments or local authorities (CRR Art. 115(4))
• Exposures to third country public sector entities (CRR Art. 116(5))
• Exposures in the form of units or shares in third country Collective Investment Undertakings (CRR Art. 132(3))
• Definition of a large financial sector entity (CRR Art. 142(4))

Assessment Scope, Process and Methodology

The EBA established a Network of Equivalence (NoE) to support the assessment, comprising experts from national competent authorities. The network developed a questionnaire to collect data and guide the equivalence evaluation.

The assessment process involved:

• Off-site and on-site evaluations: Data was gathered through questionnaires, communications with local authorities, and on-site visits to third-country regulatory bodies.
• Qualitative approach: The assessment was conducted using a five-grade scoring scale (super-equivalent, equivalent, largely equivalent, partially equivalent, and non-equivalent) for individual sections.
• Country-level scoring: At the country level, the scores were aggregated into a two-grade scale (equivalent or non-equivalent).
• Legislation and regulation in force: The assessment was based on current laws and regulations, with planned or future regulations only considered if they were in a very advanced stage.

Outcome of the Assessment

After a comprehensive review of Argentina's regulatory and supervisory framework, the EBA concluded that:

• Argentina applies prudential, supervisory, and regulatory requirements to credit institutions that are equivalent to those in the EU.
• The assessment was conducted using both off-site and on-site methods, ensuring a thorough understanding of the practical application of the framework.
• The EBA considers that the current legal and regulatory framework in Argentina meets the EU's standards for equivalence, and therefore, exposures to Argentine institutions can be treated in accordance with the CRR provisions.

This opinion will be published on the EBA's official website, providing transparency and supporting the European Commission's decision-making process regarding equivalence.

Key Information Summary:

• Legal Basis: Article 34(1), 33(2) of Regulation (EU) No 1093/2010 and Article 14(5) of the Rules of Procedure.
• Scope: Assessment of prudential, supervisory, and regulatory requirements for credit institutions and related entities in Argentina.
• Methodology: Qualitative analysis using a five-grade scale, supported by on-site visits and local regulatory documents.
• Outcome: Argentina's requirements are deemed equivalent to EU standards, allowing for preferential treatment of exposures to its institutions under CRR.