EBA, ESMA and EIOPA publish Final Report on mechanistic references to credit ratings in the ESAs’ guidelines and recomme

The Joint Committee of the three European Supervisory Authorities (EBA,
ESMA and EIOPA - ESAs) published today its final Report on mechanistic
references to credit ratings in the ESAs' guidelines and recommendations
and on the definition of "sole and mechanistic reliance" on such
ratings.

In accordance with the Credit Rating Agencies Regulation (CRA 3), the EBA,
ESMA and EIOPA have reviewed all their existing guidelines and
recommendations in order to identify, and where appropriate remove,
references to external credit ratings that could trigger sole or
mechanistic reliance on such ratings.

This final report includes the amendments to ESMA's Guidelines on Money
Market Funds (MMF) according to the definition of 'sole and mechanistic
reliance' contained therein.

This common definition aims at harmonising the different interpretations of
'sole and mechanistic reliance' in the ESAs regulations and
guidelines.

This definition, to which the ESAs intend to refer to in all their future
guidelines, recommendations and draft technical standards, was developed
taking into account all the comments received during the public
consultation that ended on 5 December 2013.

The Final Report on mechanistic references to credit ratings in the ESAs'
guidelines and recommendations can be viewed here (Link:
https://eiopa.europa.eu/consultations/consultation-papers/2013-closed-consultations/november-2013/eba-eiopa-and-esmas-joint-consultation-paper-on-mechanistic-references-to-credit-ratings-in-the-esas-guidelines-and-recommendations/index.html
)


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