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 ArticleECB Publishes Recommendations on Transition from EONIA to €STR
The European Banking Authority (EBA) published the final draft regulatory technical standards specifying and, where relevant, calibrating the minimum performance-related triggers for simple.
The European Central Bank (ECB) is undertaking the integrated reporting framework (IReF) project to integrate statistical requirements for banks into a standardized reporting framework that would be applicable across the euro area and adopted by authorities in other EU member states.
The European Banking Authority (EBA) has been awarded the top European Standard for its environmental performance under the European Eco-Management and Audit Scheme (EMAS).
The Monetary Authority of Singapore (MAS) set out the Financial Services Industry Transformation Map 2025 and, in collaboration with the SGX Group, launched ESGenome.
The Basel Committee on Banking Supervision met, shortly after a gathering of the Group of Central Bank Governors and Heads of Supervision (GHOS), the oversight body of BCBS.
The International Organization of Securities Commissions (IOSCO) welcomed the work of the international audit and assurance standard setters—the International Auditing and Assurance Standards Board (IAASB)
The Bank of England (BoE) published a Statistical Notice (2022/18), which informs that due to the Bank Holiday granted for Her Majesty Queen Elizabeth II’s State Funeral on Monday September 19, 2022.
The French Prudential Control and Resolution Authority (ACPR) announced that the European Banking Authority (EBA) has updated its filing rules and the implementation dates for certain modules of the EBA reporting framework 3.2.
The European Central Bank (ECB) published a paper that examines how credit rating agencies accepted by the Eurosystem, as part of the Eurosystem Credit Assessment Framework (ECAF)
The Australian Prudential Regulation Authority (APRA) announced reduction in the aggregate Committed Liquidity Facility (CLF) for authorized deposit-taking entities to ~USD 33 billion on September 01, 2022.