On 26 October 2018, the Joint Committee of the European Supervisory Authorities (the Committee) comprised of ESMA, the EBA and EIOPA, published a consultation paper (the Consultation) on the draft  implementing technical standards (ITS) amending the implementing regulation (the Implementing Regulation) on the mapping of external credit assessment institutions (ECAI) under the Capital Requirements Regulation (CRR).

The Committee has conducted a review identifying that the currents ITS within the Implementing Regulation must be amended due to:

• changes in the existing mappings due to an updated assessment of the risk in line with the EBA methodology; and
• the need to introduce mappings for new credit rating types subsequently introduced by existing ECAI.

The revised ITS amend Annex III of the Implementing Regulation to take into account the performance of the mappings and their adequacy. This is in line with the second subparagraph of Article 136(1) CRR, which states that revised draft implementing technical standards shall be submitted where necessary.

Chapter four of the Consultation contains an amended version of the Implementing Regulation, which would bring into force the Annex to the Regulation to replace Annex III of the current Implementing Regulation. The Annex sets out in full the revised mapping tables.

Responses to the Consultation should be submitted by 31 December 2018.