EC Publishes Draft Equivalence Decisions for Credit Rating Agencies
EC is requesting feedback on the draft implementing decisions on recognition of legal and supervisory systems of Hong Kong, Japan, Mexico, and U.S. as equivalent to the requirements of Regulation (EC) No 1060/2009 on credit rating agencies. Additionally, EC is requesting feedback on the draft implementing decisions on repealing rules that recognize legal and supervisory systems of Argentina, Australia, Brazil, Canada, and Singapore as equivalent to Regulation (EC) No 1060/2009 on credit rating agencies. The feedback period is from June 11, 2019 to July 09, 2019. The implementing decisions shall enter into force on the twentieth day following that of their publication in the Official Journal of the European Union.
The Implementing Decisions for Argentina, Australia, Brazil, Canada, and Singapore have been repealed because the legal and supervisory frameworks of these countries do not meet the additional, more stringent equivalence requirements for CRAs registered in EU. These additional requirements were introduced by the CRA Regulation (Regulation No 462/2013) and apply for the purposes of assessing the equivalence of third country legal and supervisory frameworks from June 01, 2018. The additional requirements include legally binding rules for CRAs on rating outlooks, conflicts of interest management, confidentiality requirements, quality of rating methodologies, and the presentation and disclosure of credit ratings.
Related Links
- Equivalence Decision in Hong Kong
- Equivalence Decision in Japan
- Equivalence Decision in Australia
- Equivalence Decision in Singapore
- Equivalence Decision in U.S.
- Equivalence Decision in Argentina
- Equivalence Decision in Canada
- Equivalence Decision in Mexico
- Equivalence Decision in Brazil
Comment Due Date: July 09, 2019
Effective Date: OJ+20 Days
Keywords: Europe, Asia Pacific, Americas, EU, Hong Kong, Japan, Australia, Singapore, US, Mexico, Brazil, Canada, Argentina, CRA, Equivalence Decisions, Third Country, CRA Regulation, EC
Previous Article
DNB Publishes Taxonomy for Interest Rate Risk ReportingRelated Articles
EC Adopts Financial Reporting Changes Arising from Benchmark Reforms
EC published Regulation 2021/25 that addresses amendments related to the financial reporting consequences of replacement of the existing interest rate benchmarks with alternative reference rates.
BIS Bulletin Examines Key Elements of Policy Response to Cyber Risk
BIS published a bulletin, or a note, that examines the cyber threat landscape in the context of the pandemic and discusses policies to reduce risks to financial stability.
HMT Updates List of Post-Brexit Equivalence Decisions in UK
HM Treasury, also known as HMT, has updated the table containing the list of the equivalence decisions that came into effect in UK at the end of the transition period of its withdrawal from EU.
EBA Issues Erratum for Technical Package on Reporting Framework 3.0
EBA published an erratum for technical package on phase 1 of the reporting framework 3.0.
APRA Publishes FAQ on Measurement of Credit Risk Weighted Assets
APRA updated a frequently asked question (FAQ), for authorized deposit-taking institutions, on the measurement of credit risk weighted assets.
EBA Publishes Risk Dashboard for Third Quarter of 2020
EBA published the quarterly risk dashboard, along with the results of the Risk Assessment Questionnaire survey among 60 banks and 15 market analysts.
ECB Analysis Shows Privacy as Biggest Concern in Use of Digital Euro
ECB concluded the public consultation on the introduction of a digital euro in EU.
ECB Finalizes Guide on Supervisory Approach to Bank Consolidation
ECB published a guide that sets out the supervisory approach to consolidation in the banking sector.
SRB Chair Outlines Work Priorities for 2021
The SRB Chair Elke König published an article setting out work priorities for 2021.
FDIC Selects Companies to Compete in Final Phase of Tech Sprint
FDIC has selected 11 technology companies—including BearingPoint, Fed Reporter, Inc, and S&P Global Market Intelligence, LLC—for inclusion in the third and final phase of the rapid prototyping competition.