ESAs propose new amendments to technical standards on the mapping of ECAIs
The Joint Committee of the three European Supervisory Authorities (EBA, EIOPA and ESMA - ESAs) has launched a public consultation to amend the Implementing Regulations on the mapping of credit assessments of External Credit Assessment Institutions (ECAIs) for credit risk to reflect the outcomes of a monitoring exercise on the adequacy of existing mappings, namely changes to the Credit Quality Steps (CQS) allocation for two ECAIs and the introduction of new credit rating scales for ten ECAIs.
The Implementing Regulations are part of the EU Single Rulebook for banking and insurance aimed at creating a safe and sound regulatory framework consistently applicable across the European Union (EU). The consultation runs until 31 December 2018. Further information on responding to the consultations can be found on the website of the Joint Committee.