Recital 3

(3)Regulation (EU) No 2019/876 of the European Parliament and of the Council ² , introduced, inter alia, in Article 391 of Regulation (EU) No 575/2013, a provision empowering the Commission to adopt implementing decisions as to whether a third country applies prudential supervisory and regulatory requirements at least equivalent to those applied in the Union, for the purpose of determining the treatment of exposures under Part Four of Regulation (EU) No 575/2013. A list of third countries and territories the prudential supervisory and regulatory requirements of which are considered equivalent to those applied in the Union for the purposes of Article 391 of that Regulation should therefore be established. For the sake of legal certainty and consistency, it is necessary to include all the provisions on the equivalence of the supervisory and regulatory requirements of third countries and territories for the purposes of the treatment of exposures in accordance with Regulation (EU) No 575/2013 into a single Decision. It is therefore necessary to repeal and replace Commission Implementing Decision 2014/908/EU ³ .