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CEBS published its final guidelines for a common approach to the recognition of External Credit Assessment Institutions (ECAIs) under the Capital Requirements Directive (CRD). The guidelines establish procedures for recognising both local and cross-border ECAIs. These procedures include a ‘joint assessment process’ which will streamline the recognition of cross-border ECAIs, thereby enhancing supervisory efficiency and reducing administrative burdens for institutions and ECAIs.
The guidelines represent a common understanding among CEBS members of the eligibility requirements, and provide a common approach to aligning the credit assessments of recognised ECAIs with the different capital requirements in the CRD.
Supervisory authorities intending to begin informal recognition processes or informal dialogue with ECAIs from the beginning of February 2006 are invited to do so in accordance with the CEBS guidelines.
Press release
Guidelines
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