Who decides (after the transitional period, if applicable) which third countries apply supervisory and regulatory arrangements at least equivalent to those applied in the Union in case the Commission does not make use of its power to adopt, by way of implementing acts, and subject to the examination procedure referred to in Article 464(2), a decision as to whether a third country applies supervisory and regulatory arrangements at least equivalent to those applied in the Union?
The same question occurs with regard to Articles 107(4), 115(4), 116(5), 132(3) and 142(2) CRR.
Legal certainty and level playing field.
After 1 January 2015, only those countries for which a Commission decision is adopted in accordance with Article 464(2) can be considered equivalent for the purposes of Articles 107(4), 114(7), 115(4), 116(5), 132(3) and 142(2) CRR. As a result, only those countries and territories covered by the Commission Implementing Decision 2014/908/EU, as amended by Commission Implementing Decision 2016/2358/EU, can be considered equivalent for the purposes of the articles mentioned above.
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.
Update 26.03.2021: This Q&A has not yet been reviewed by the European Commission in the light of the changes introduced to Regulation (EU) No 575/2013 (CRR).