ESAs clarify their position on technical standards on the credit quality steps for ECAIs credit assessments

May 12, 2016

The Joint Committee of the European Supervisory Authorities (EBA, EIOPA, ESMA – ESAs) published today its Opinion on the European Commission‘s (EC) intention to amend the draft Implementing Technical Standards (ITS) on the mapping of External Credit Assessment Institutions’ (ECAIs) credit assessments under the Capital Requirements Regulation (CRR) and Solvency II Directive. The Opinion was produced in response to the EC’s proposed amendments to these draft ITS.

The Joint Committee believes that the initial draft ITS represent a good balance of prudential objectives and at the same time sufficiently promote market competition in the credit rating industry.

The Opinion publication can be found on the EBA website here.

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