Exclusion of intragroup transactions with entities in third country from the CVA risk charge

May a transaction towards an entity of the group be excluded from the CVA own funds requirements under Article 382(4)(b) CRR, when such entity is established in a third country, and for that third country, an equivalence decision under Article 13(2) of Regulation (EU) No 648/2012 has been adopted by the Commission only in relation to certain part of respective requirements?

Article 382(4)(b) CRR excludes from the own funds requirements for CVA risk intragroup transactions as provided for in Article 3 of Regulation (EU) No 648/2012 unless Member States adopt national laws requiring the structural separation within a banking group, in which case competent authorities may require those intragroup transactions between the structurally separated institutions to be included in the own funds requirements. Article 3(2) of Regulation (EU) No 648/2012 set out that for a financial counterparty a transaction with a counterparty can be considered an intragroup transaction, along with other conditions, when that counterparty is established in the Union or, if it is established in a third country, the Commission has adopted an implementing act under Article 13(2) in respect of that third country. Article 13(2) of Regulation (EU) No 648/2012 states the following:  “The Commission may adopt implementing acts declaring that the legal, supervisory and enforcement arrangements of a third country: (a) are equivalent to the requirements laid down in this Regulation under Articles 4, 9, 10 and 11; (b) ensure protection of professional secrecy that is equivalent to that set out in this Regulation; and (c) are being effectively applied and enforced in an equitable and non-distortive manner so as to ensure effective supervision and enforcement in that third country.” Currently, the Commission has adopted implementing acts applying Article 13(2) of Regulation (EU) No 648/2012 for some jurisdictions declaring them equivalent only in relation to certain requirements (see link ) of the Regulation (EU) No 648/2012. Is equivalence for certain part of requirements specified in Article 13(2) of Regulation (EU) No 648/2012 sufficient to exclude the relevant transaction with an intragroup entity from that third country from the own funds requirements for CVA risk? Or is a ‘complete’ equivalence decision that includes fulfilment of all requirements specified in this article needed?