Europejski Urząd Nadzoru Bankowego, Europejski Urząd Nadzoru Giełd i Papierów Wartościowych (European Securities and Markets Authority - ESMA), Europejski Urząd Nadzoru Ubezpieczeń i Pracowniczych Programów Emerytalnych (European Insurance and Occupational Pensions Authority - EIOPA), Sprawozdanie końcowe - Dobre praktyki nadzorcze w zakresie ograniczania mechanicznego polegania na ratingach kredytowych

JC 2016 71

20 December 2016

Final Report Good Supervisory Practices for Reducing Mechanistic Reliance on Credit Ratings

I. Executive Summary and Reasons for Publication

1. As set out in Article 5a(2) of the CRA Regulation, SCAs responsible for the supervised entities referred to in Article 4(1) of the CRA Regulation are required to monitor the adequacy of the entities’ credit risk assessments, assessing the use of contractual references to credit ratings and, where appropriate, encouraging them to mitigate the impact of such references with a view to reducing sole or mechanistic reliance on credit ratings. This should be done in line with specific sectoral legislation.

2. This requirement is supported by other elements of the CRA 3 legislative package which amended the IORP, UCITS and AIFM Directives and introduced similar requirements for SCAs to monitor the reference to ratings in the investment policies of the entities subject to these pieces of legislation. EU Member States were...