Equivalence of third country supervisory and regulatory arrangements to those applied in the Union

In the absence of an empowerment for the Commission to adopt an implementing act, the equivalence of third countries' regulatory and supervisory arrangements shall be assessed by the credit institution itself under the control of the competent authority. In doing so, the Commission decisions on the equivalence of the solvency regime for insurance and reinsurance undertakings may be used as guidance. Disclaimer: This question goes beyond matters of consistent and effective application of the regulatory framework. A Directorate General of the Commission (Directorate General for Financial Stability, Financial services and Capital Markets Union) has prepared the answer, albeit that only the Court of Justice of the European Union can provide definitive interpretations of EU legislation. This is an unofficial opinion of that Directorate General, which the European Banking Authority publishes on its behalf. The answers are not binding on the European Commission as an institution. You should be aware that the European Commission could adopt a position different from the one expressed in such Q&As, for instance in infringement proceedings or after a detailed examination of a specific case or on the basis of any new legal or factual elements that may have been brought to its attention.