The European Supervisory Authorities (ESAs – EBA, ESMA and EIOPA) have published their opinion on the Commission’s intention to amend the draft Implementing Technical Standards (ITS) on the mapping of External Credit Assessment Institutions’ (ECAIs) credit assessments under the CRR and Solvency 2. The ESAs disagree with the Commission’s proposal to extend the “less conservative” initial approach for a longer period. The ESAs had proposed that after the first three years ECAIs would have to issue a minimum number of ratings in order to receive the best mapping. They say the Commission’s plans to defer this “more conservative” approach puts competition ahead of prudential regulation, which could have a poor effect on financial stability. (Source: ESAs publish ECAI opinion)