MAS issued a statement highlighting that the EC decision to repeal the equivalence status for credit rating agencies (CRAs) in Singapore does not impact the operations of CRAs in Singapore. As confirmed by EC, CRAs in Singapore will continue to be able to access the EU market through the endorsement regime. Under this regime, ratings issued by CRAs in Singapore are endorsed by their related entities in EU and can continue to be recognized and used for regulatory purposes in EU.
There are two existing regimes for CRAs outside of EU to have their ratings recognized and used for regulatory purposes in the EU, namely certification through the equivalence regime or endorsement. While Singapore’s regulatory regime for CRAs no longer has equivalence status, Singapore continues to be on the list of countries that ESMA has deemed as meeting the legal and supervisory framework for the endorsement regime.
Keywords: Europe, Asia Pacific, EU, Singapore, Banking, CRAs, Endorsement Regime, Equivalence Regime, Credit Ratings, Credit Risk, ESMA, EC, MAS
Previous ArticleFDIC Proposes Revisions to Regulations on Interest Rate Restrictions
ECB published Guideline 2021/975, which amends Guideline ECB/2014/31, on the additional temporary measures relating to Eurosystem refinancing operations and eligibility of collateral.
EIOPA published a report, from the Consultative Expert Group on Digital Ethics, that sets out artificial intelligence governance principles for an ethical and trustworthy artificial intelligence in the insurance sector in EU.
HKMA published the seventh and final issue of the Regtech Watch series, which outlines the three-year roadmap of HKMA to integrate supervisory technology, or suptech, into its processes.
EC launched a targeted consultation to improve transparency and efficiency in the secondary markets for nonperforming loans (NPLs).
BIS, Danmarks Nationalbank, Central Bank of Iceland, Norges Bank, and Sveriges Riksbank launched an Innovation Hub in Stockholm, making this the fifth BIS Innovation Hub Center to be opened in the past two years.
FDITECH, the technology lab of FDIC, announced a tech sprint that is designed to explore new technologies and techniques that would help expand the capabilities of community banks to meet the needs of unbanked individuals and households.
EC released the EU Taxonomy Compass, which visually represents the contents of the EU Taxonomy starting with the EU Taxonomy Climate Delegated Act.
FDIC is seeking comments on a rule to amend the interagency guidelines for real estate lending policies—also known as the Real Estate Lending Standards.
EIOPA published its annual report, which sets out the work done in 2020 and indicates the planned work areas for the coming months.
The ESRB paper that presents an analytical framework that assesses and quantifies the potential impact of a bank failure on the real economy through the lending function.