Featured Product

    ESAs Propose Amendments to Technical Standards on Mapping of ECAIs

    July 18, 2017

    ESAs launched a public consultation to amend the Implementing Regulations laying down technical standards on the mapping of credit assessments of External Credit Assessment Institutions (ECAIs) for credit risk to reflect the recognition of five new credit rating agencies (CRAs) and the deregistration of one CRA. The Implementing Regulations are part of the EU Single Rulebook for banking and insurance.

    The proposed revised draft implementing technical standards have been developed in accordance with Article 136 (1) and (3) of the Capital Requirements Regulation or CRR (Regulation 575/2013) and Article 109 (a) of the Solvency II Directive (2009/138/EC). The EC adopted the Implementing Regulations developed by ESAs, which aim to ensure that only credit ratings issued by ECAIs—those CRAs registered under Regulation (EC) No 1060/2009 or central banks issuing credit ratings exempt from the application of the same regulation—can be used for calculating capital requirements of financial institutions and insurance undertakings. The ESAs have, therefore, specified an approach that establishes the correspondence—or mapping—between credit ratings and the credit quality steps defined in the EU prudential regulation for banking (CRR and Solvency II). The Implementing Regulations will need to be amended to reflect the allocation of appropriate risk-weights to the newly established ECAIs and to remove the reference to the de-registered ECAI. The ESAs also published individual draft mapping reports that illustrate how the methodology was applied to produce the five additional mappings under the CRR mandate.  

     

    Related Links

    Press Release

    Consultation Paper (PDF)

    Comment Due Date: September 18, 2017

    Keywords: Europe, Banking, Insurance, CRA, CRR, Solvency II, Mapping, ECAI, ESAs

    Featured Experts
    Related Articles
    News

    UK Regulators Announce Measures to Address Impact of COVID-19

    UK Regulatory Authorities published statements and guidance addressed to financial entities on dealing with the impact of the coronavirus (COVID-19) outbreak.

    March 26, 2020 WebPage Regulatory News
    News

    ISDA and Industry Request Delay in Timeline for Initial Margin Rules

    Considering the challenges posed by the COVID-19 pandemic, ISDA submitted a letter on behalf of 21 industry associations and their members requesting BCBS, IOSCO, and global regulators to suspend the current timeline for the initial margin phase-in.

    March 26, 2020 WebPage Regulatory News
    News

    FCA, FRC, and PRA Issue Joint Statement to Address Impact of COVID-19

    In response to the COVID-19 outbreak, FCA, the Financial Reporting Council (FRC), and PRA have announced a series of actions and made statements to support the continued functioning of capital markets in the UK.

    March 26, 2020 WebPage Regulatory News
    News

    EC Rule Corrects Regulation Supplementing Solvency II Directive

    EC published the EU Delegated Regulation 2020/442, which corrects the EU Delegated Regulation 2015/35 that supplements Solvency II Directive (2009/138/EC).

    March 26, 2020 WebPage Regulatory News
    News

    FED and FFIEC Offer Reporting Relief to Institutions Due to COVID-19

    FED and FFIEC announced regulatory reporting relief to financial institutions due to disruptions caused by the COVID-19.

    March 26, 2020 WebPage Regulatory News
    News

    EBA and ESMA Clarify Accounting Implications of COVID-19 Measures

    EBA and ESMA issued statements to address certain accounting implications of the economic support and relief measures adopted by EU member states in response to the COVID-19 crisis.

    March 25, 2020 WebPage Regulatory News
    News

    IOSCO and Securities Regulators Coordinate Responses to COVID-19

    IOSCO members are cooperating closely on their responses to the COVID-19-related disruption in capital markets.

    March 25, 2020 WebPage Regulatory News
    News

    US Agencies Issue Interim MMLF Rule, FED Updates FR Y-14 Forms

    In an effort to mitigate the impact of economic disruptions due to the COVID-19 outbreak, Money Market Mutual Fund Liquidity Facility (MMLF) was launched in the US to enhance the liquidity and functioning of money markets and to support the economy.

    March 25, 2020 WebPage Regulatory News
    News

    ESRB Updates List of Countercyclical Capital Buffers in March 2020

    ESRB updated the list of countercyclical capital buffer (CCyB) rates applicable in countries in the Eurosystem.

    March 24, 2020 WebPage Regulatory News
    News

    FHFA Amends Stress Testing Rule for Regulated Entities

    FHFA adopted a final rule that amends the stress testing rule, in line with section 401 of the Economic Growth, Regulatory Relief, and Consumer Protection (EGRRCP) Act.

    March 24, 2020 WebPage Regulatory News
    RESULTS 1 - 10 OF 4890