On 6 November 2025, the European Banking Authority (EBA) issued a follow-up peer review report on the exclusion from the credit valuation adjustment (CVA) risk of transactions with non-financial counterparties established in a third country.

The report is a follow-up to the EBA’s 2023 peer review report on excluding transactions with non-financial counterparties established in a third country from CVA risk. The Member State competent authorities (NCAs) that participated in the follow-up review were the same as those that participated in the 2023 peer review. The follow-up review found that the participating NCAs continue to largely assess CVA risk sufficiently, using different approaches which are fit for purpose in satisfying the regulatory requirements and the EBA Guidelines for common procedures and methodologies for the Supervisory Review and Evaluation Process. Furthermore, since the 2023 report, all participating NCAs made some progress to strengthen their CVA risk assessments and address the follow-up measures suggested as part of that report. However, regarding Commission Delegated Regulation (EU) 2018/728, the review found that only the competent authority of Hungary made specific efforts to review their compliance with that measure.