FMA Notice 2026/3 on the Choice of Regulatory Authority under the CRR Published

Regulation (EU) No. 575/2013 (CRR) was amended by Regulation (EU) 2024/1623 (“CRR III”) and, pursuant to Decision No. 291/2024 of the EEA Joint Committee of December 6, 2024, has been applicable in the EEA since April 1, 2025. The newly inserted Article 138(g) of the CRR stipulates that, in principle, an institution may not use ECAI credit assessments for exposures to institutions that assume implicit government support. At the same time, Article 495e of the CRR grants competent authorities the option to continue to permit institutions, until December 31, 2029, to use ECAI credit assessments based on assumptions of implicit government support.

With this notice, the FMA is exercising this discretionary authority pursuant to Article 495e of the CRR.

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