(19)Following the assessments carried out to date, the Commission has concluded that Argentina, Australia, Bosnia and Herzegovina, Brazil, Canada, China, Faroe Islands, Greenland, Guernsey, Hong Kong, India, Isle of Man, Japan, Jersey, Mexico, Monaco, New Zealand, North Macedonia, Saudi Arabia, Serbia, Singapore, South Africa, South Korea, Switzerland, Turkey and the USA have in place prudential, supervisory and regulatory arrangements which comply with a series of operational, organisational and supervisory standards reflecting the essential elements of the Union’s prudential, supervisory and regulatory arrangements applicable to credit institutions. Therefore, it is appropriate to consider the prudential, supervisory and regulatory requirements applied to credit institutions located in these countries as at least equivalent to those applied in the Union for the purposes of Articles 107(4), 114(7), 115(4), 116(5), 142(2) and Article 391 of Regulation (EU) No 575/2013.