VA points / status credits on SQ flights to UK/Europe post QR FIRB approval

Assuming the application for the QR equity stake in VA is approved without recommendations from the FIRB, will you still be able to earn VA points and status credits on SQ flights all the way from Australia to UK/Europe albeit at lower rate?

It seems so. You will still earn and burn on SQ's Europe flights but just no VA code on the SQ flight which probably isn't a big deal for most people.