1.3. Ongoing review

Directive 2006/48/EC of the European Parliament and of the Council of 14 June 2006 relating to the taking up and pursuit of the business of credit institutions (recast) (Text with EEA relevance) · European Union

Competent authorities shall verify that ECAI's credit assessments are subject to ongoing review and shall be responsive to changes in the financial conditions. Such review shall take place after all significant events and at least annually. Before any recognition, competent authorities shall verify that the assessment methodology for each market segment is established according to standards such as the following: the back-testing must be established for at least one year; the regularity of the review process by the ECAI must be monitored by the competent authorities; and the competent authorities must be able to receive from the ECAI the extent of its contacts with the senior management of the entities which it rates. Competent authorities shall take the necessary measures to be promptly informed by ECAIs of any material changes in the methodology they use for assigning credit assessments.

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Source: EUR-Lex (Cellar) · retrieved 2026-10-09 · Text as adopted (Official Journal); later amendments are not incorporated in this text.