Featured Product

    EC Amends Implementing Regulations on Credit Risk Assessments of ECAIs

    April 25, 2018

    EC published, in the Official Journal of European Union, the amended level 2 measures regarding credit risk assessments of external credit assessment institutions (ECAIs) under the Capital Requirements Regulation (CRR or EU Regulation No 575/2013) and the Solvency II Directive. Both the Commission Implementing Regulations (EU) 2018/634 and (EU) 2018/633 shall enter into force on the twentieth day following that of their publication in the Official Journal of the European Union.

    The Commission Implementing Regulation (EU) 2018/633 is amending the Implementing Regulation (EU) 2016/1799 regarding the mapping tables specifying the correspondence between the credit risk assessments of ECAIs and the credit quality steps set out in CRR. Since the adoption of Implementing Regulation (EU) 2016/1799, additional credit rating agencies (CRAs) have been registered or certified in accordance with Regulation (EC) No 1060/2009 of the European Parliament and of the Council. Furthermore, one of the ECAIs for which Implementing Regulation (EU) 2016/1799 provided a mapping has been de-registered. Given that Article 136(1) of CRR requires the specification of mappings for all ECAIs, it is necessary to amend Implementing Regulation (EU) 2016/1799 to provide mappings for the newly registered or certified ECAIs, and to remove the mapping for the de-registered ECAI. Therefore, Annex III to the Implementing Regulation (EU) 2016/1799 is being replaced by the text set out in the Annex to CIR 2018/634.

    The Commission Implementing Regulation (EU) 2018/633 is amending the Implementing Regulation (EU) 2016/1800, which lays down implementing technical standards on the allocation of credit assessments of ECAIs to an objective scale of credit quality steps, in accordance with the Solvency II Directive (2009/138/EC). After the adoption of Regulation (EU) 2016/1800, five new ECAIs have been registered or certified. It is, therefore, necessary to amend the Annex to that Implementing Regulation to allocate the credit assessments of those newly registered or certified ECAIs to the objective scale of credit quality steps. The registration of one external credit assessment institution has been withdrawn since the adoption of Implementing Regulation (EU) 2016/1800. That de-registered institution should, therefore, be removed from the Annex to that Implementing Regulation. Therefore, Annex to the Implementing Regulation (EU) 2016/1800 is being replaced by the text in the Annex to Implementing Regulation (EU) 2018/633.

     

    Related Links

    Effective Date: May 15, 2018

    Keywords: Europe, EU, Banking, Insurance, CRR, Solvency II, ECAIs, CRA, Credit Risk, EC

    Featured Experts
    Related Articles
    News

    OCC Revises Minimum Threshold for Banks to Conduct Stress Tests

    OCC issued the final rule that amends its company-run stress testing requirements under the 12 CFR 46 in Code of Federal Regulations.

    October 10, 2019 WebPage Regulatory News
    News

    US Agencies Update Management Interlock Rules Under DIMIA

    US Agencies (FDIC, FED, and OCC) issued a final rule that increases the thresholds in the major assets prohibition for management interlocks for purposes of the Depository Institution Management Interlocks Act (DIMIA).

    October 10, 2019 WebPage Regulatory News
    News

    US Agencies Finalize Rules to Closely Match Bank Risk Profiles

    US Agencies (OCC, FED, and FDIC) finalized rules that tailor the regulations for domestic and foreign banks to more closely match their risk profiles.

    October 10, 2019 WebPage Regulatory News
    News

    CPMI-IOSCO and FSB on Governance Arrangements for OTC Derivatives

    CPMI and IOSCO published a report that identifies key criteria, functions, and bodies for the governance arrangements.

    October 09, 2019 WebPage Regulatory News
    News

    EIOPA Launches Field Test on Templates Under 2020 Solvency II Review

    EIOPA, as part of the 2020 Solvency II reporting and disclosure review, launched a field test on the revised and newly proposed reporting templates.

    October 09, 2019 WebPage Regulatory News
    News

    US Agencies Adopt Rule on Appraisals for Real Estate Transactions

    US Agencies (FDIC, FED, and OCC) adopted the final rule to amend regulations requiring appraisals of real estate for certain transactions

    October 08, 2019 WebPage Regulatory News
    News

    US Agencies Finalize Amendments to Simplify Volcker Rule

    US Agencies (CFTC, FDIC, FED, OCC, and SEC) finalized amendments to the regulations implementing section 13 of the Bank Holding Company Act, also known as the Volcker Rule.

    October 08, 2019 WebPage Regulatory News
    News

    EC Report Explores Application and Challenges of Blockchain Technology

    The Joint Research Center of EC published a report exploring the challenges and impact of distributed ledger technologies.

    October 08, 2019 WebPage Regulatory News
    News

    BIS and SNB Sign Agreement on Innovation Hub Center in Switzerland

    BIS and SNB signed an operational agreement on the BIS Innovation Hub Center in Switzerland.

    October 08, 2019 WebPage Regulatory News
    News

    ECB Issues Results of Sensitivity Analysis of Liquidity Risk for Banks

    ECB published results of 2019 stress test on sensitivity analysis of liquidity risk.

    October 07, 2019 WebPage Regulatory News
    RESULTS 1 - 10 OF 3958