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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 The registration of one external credit assessment institution has been withdrawn since the adoption of Implementing Regulation (EU) 2016/1800.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.

 

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Effective Date: May 15, 2018

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

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