The Committee of European Banking Supervisors (CEBS) has published a consultation paper on the review of its guidelines on the recognition of External Credit Assessment Institutions (ECAIs).
To ensure consistency between Regulation (EC) No 1060/2009 on Credit Rating Agencies (the CRA Regulation) and the Capital Requirements Directive (CRD), Articles 81(2) and 97(2) of the CRD have been amended to avoid duplication of work and to reduce the burden of the recognition process where an ECAI is registered as a credit rating agency (CRA) at the EU level.
CEBS has reviewed its guidelines to make clear that for CRAs, which are registered under the CRA Regulation, the only criteria that should be assessed in the ECAIs' initial recognition process and ongoing review are the technical criteria on ‘credibility and market acceptance’ and ‘transparency and disclosure’ with respect to their individual credit assessments. The remaining technical criteria are assessed during the registration process under the CRA Regulation and are considered to be satisfied for the purposes of the ECAIs’ recognition process.
The deadline for comments on the consultation is 9 April 2010.
View CEBS draft revised guidelines on the recognition of ECAIS, 10 March 2010