(5)The Commission has concluded that Serbia and South Korea have in place supervisory and regulatory arrangements which comply with a series of operational, organisational and supervisory standards that are at least equivalent to the essential elements of the Union's supervisory and regulatory arrangements applicable to credit institutions. Therefore, it is appropriate to consider that the supervisory and regulatory requirements applied to credit institutions in Serbia and South Korea are at least equivalent to those applied in the Union for the purposes of Articles 107(3), 114(7), 115(4), 116(5) and Article 142 (2) of Regulation (EU) No 575/2013.