Page 50 - 期货和衍生品行业监管动态（2023年11月刊）

期货和衍生品行业监管动态

amendments reflect the outcome of a monitoring exercise on the adequacy of

existing mappings, and the deregistration of three credit rating agencies (CRAs).

In the amended ITS the ESAs are proposing to change the credit quality step (CQS)

allocation for four ECAIs, and to introduce new or amended credit rating scales for

seven ECAIs. Further, the amended ITS no longer contain mapping tables for the three

ECAIs, whose licenses have been revoked since the previous amendment.

The ESAs have published individual draft mapping reports illustrating how the

methodology was applied to produce the amended mappings in line with the CRR

mandate.

Background

The ITS on ECAIs aim to ensure that EU-based financial institutions may only use

external credit assessments for the calculation of their capital requirements when these

are issued or endorsed by recognized institutions. To this end, the ESAs developed an

approach to map credit assessments to the credit quality steps as defined in EU

regulations for banking (CRR) and insurance (Solvency II).

The amended ITS continue delivering on the mandate assigned to the Joint

Committee of the ESAs to monitor the adequacy of existing ECAIs mappings. The ITS

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).

Legal Basis

The proposed revised draft ITS have been developed according to Article 136 (1)

and (3) of Regulation 575/2013 (Capital Requirements Regulation) and of Article 109

(a) of Directive 2009/138/EC (Solvency II Directive), which state that revised draft

ITS shall be submitted by the ESAs, where necessary.

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