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CEBS published a supplementary note to its Consultation Paper on the recognition of external credit assessment institutions (ECAIs) published in June 2005. The supplementary note sets out further details on CEBS' work on the use of ECAI credit assessments for securitisations and collective investment undertakings.
The Consultation Paper on the recognition of ECAIs (CP07) proposed a 'joint assessment process' for the recognition of ECAIs, a common understanding of the recognition criteria set out in the Capital Requirements Directive (CRD), and a common approach to 'mapping' the credit assessments of recognised ECAIs to the credit quality steps in the CRD. CEBS intends to approve the final guidelines on the recognition of ECAIs at its meeting in January 2006.
Deadline for comments is 30 November 2005.