The European Banking Authority (EBA) has published final draft Implementing Technical Standards (ITS) which specify the joint decision process to be followed by Member State competent authorities when deciding on whether to grant permissions to institutions to use the internal-ratings based approach for credit risk, the internal model method for counterparty risk, the advanced measurement approach for operational risk and the internal models for market risk. The ITS also detail the joint decision process for the approval of material model extensions or changes.

View EBA publishes final draft technical standards on joint decisions for approval of internal models, 18 December 2014