Regulatory Alerts2026-07-09
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FMA Notice 2026/3 on the Choice of Regulatory Authority under the CRR Published
The Liechtenstein Financial Market Authority (FMA) issued Notice 2026/3 to exercise its regulatory choice right under Article 495e of the CRR, permitting banks to continue using External Credit Assessment Institution ratings that assume implicit state support until December 31, 2029. This temporary allowance serves as a derogation from the general prohibition established by Article 138(g) of the CRR, which otherwise bars the use of such ratings for risk positions against institutions. The notice applies to all banks in Liechtenstein and mandates full compliance with the standard CRR requirements starting January 1, 2030.
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