The Liechtenstein Financial Market Authority has issued a notice exercising its discretion under Article 495e of the Capital Requirements Regulation to continue allowing institutions to use external credit assessment institution credit assessments for exposures to institutions that assume implicit government support. The measure preserves the use of those assessments despite the general restriction introduced by Article 138g of the amended regulation. The notice follows changes made to Regulation (EU) No. 575/2013 by Regulation (EU) 2024/1623, known as CRR III. Under the amended framework, which has applied in the European Economic Area since April 1, 2025, Article 138g provides that institutions may in principle not use ECAI credit assessments for such exposures, while Article 495e gives competent authorities the option to permit their continued use until December 31, 2029. The FMA’s notice confirms it is using that option.
Liechtenstein Financial Market Authority2026-07-10
Liechtenstein Financial Market Authority allows continued use of certain ECAI credit assessments under CRR until December 31 2029
The Liechtenstein Financial Market Authority has used its discretion under Article 495e of the Capital Requirements Regulation to keep allowing institutions to use certain ECAI credit assessments based on implicit government support. This provides an exception to the general restriction introduced by CRR III, with the option available until December 31, 2029.