(1)

On 18 May 2015, the Council adopted Decision (CFSP) 2015/778 (1) on a European Union military operation in the Southern Central Mediterranean (EUNAVFOR MED operation SOPHIA).

(2)

On 21 December 2018, the Council adopted Decision (CFSP) 2018/2055 (2), extending Decision (CFSP) 2015/778 until 31 March 2019.

(3)

On 27 March 2019, the Political and Security Committee agreed to extend the mandate of EUNAVFOR MED operation SOPHIA until 30 September 2019.

(4)

Decision (CFSP) 2015/778 should be amended accordingly.

(5)

In accordance with Article 5 of Protocol No 22 on the position of Denmark, annexed to the Treaty on European Union and to the Treaty on the Functioning of the European Union, Denmark does not participate in the elaboration and implementation of decisions and actions of the Union which have defence implications. Consequently, Denmark is not participating in the adoption of this Decision, is neither bound by it nor subject to its application, and does not participate in the financing of this operation,

(1)

in Article 11, the following paragraph is added:

(2)

in Article 13, the second paragraph is replaced by the following:

‘EUNAVFOR MED operation SOPHIA shall end on 30 September 2019.’

(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 credit institutions in third countries and territories. These assessments have enabled the Commission to evaluate the equivalence of these arrangements for the purposes of determining the treatment of the relevant categories of exposures mentioned in Articles 107, 114, 115, 116 and 142 of Regulation (EU) No 575/2013.

(3)

The equivalence has been determined by an outcome-based analysis of the third country's regulatory and supervisory arrangements which tests their ability to achieve the same general objectives as the Union's supervisory and regulatory arrangements. The objectives refer, in particular, to the stability and integrity of both the domestic and the global financial system in its entirety; the effectiveness and adequacy of protection of depositors and other consumers of financial services; the cooperation between different actors of the financial system, including regulators and supervisors; the independence and the effectiveness of supervision; and the effective implementation and enforcement of relevant internationally agreed standards. In order to achieve the same general objectives of the Union's supervisory and regulatory arrangements, the supervisory and regulatory arrangements of the third country should comply with a series of operational, organisational and supervisory standards reflecting the essential elements of the Union's supervisory and regulatory requirements applicable to relevant categories of financial institutions.

(4)

In its assessments, the Commission has considered relevant developments in the supervisory and regulatory framework since the adoption of Commission Implementing Decision (EU) 2016/2358 (3) and taken into account available sources of information, including the assessment made by the European Banking Authority, which recommended that the supervisory and regulatory frameworks applicable to credit institutions in Argentina should be considered as equivalent to the Union legal framework for the purposes of Articles 107(4), 114(7), 115(4), 116(5) and Article 142(1)(4)(b) of Regulation (EU) No 575/2013.

(5)

The Commission has concluded that Argentina has 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 credit institutions. Therefore, it is appropriate to consider the supervisory and regulatory requirements applied to credit institutions located in Argentina as at least equivalent to those applied in the Union for the purposes of Articles 107(4), 114(7), 115(4), 116(5) and Article 142(1)(4)(b) of Regulation (EU) No 575/2013.

(6)

Implementing Decision 2014/908/EU should therefore be amended to include Argentina in the relevant lists 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 in accordance with Regulation (EU) No 575/2013.

(7)

The lists of third countries and territories considered to be equivalent for the purposes of the relevant provisions of Regulation (EU) No 575/2013 are not exhaustive. The Commission, with the assistance of the European Banking Authority, will continue monitoring on a regular basis the evolution of the supervisory and regulatory arrangements of third countries and territories with a view to updating, as appropriate and at least every 5 years, the lists of third countries and territories set out in Decision 2014/908/EU in light, in particular, of the constant developments of supervisory and regulatory arrangements, in the Union and at global level, and taking into account new available sources of relevant information.

(8)

The regular review of the prudential and supervisory requirements applicable in the third countries and territories listed in the Annexes to Decision 2014/908/EU should be without prejudice to the possibility for the Commission to undertake a specific review relating to an individual third country or territory at any time outside the general review, where relevant developments make it necessary for the Commission to re-assess the recognition granted by Decision 2014/908/EU. Such re-assessment could lead to the withdrawal of the recognition of equivalence.

(9)

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

(1)

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

(2)

Annex IV 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.