Regulatory Alerts2026-07-09
Added · Updated
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.
Landstrasse 109 • Postfach 279 • 9490 Vaduz • Liechtenstein Telefon +423 236 73 73 • www.fma-li.li • info@fma-li.li FMA Notice 2026/3 – Exercise of the Choice of Regulatory Authority regarding Credit Ratings under Art. 495e CRR Notice concerning the exercise of the choice of regulatory authority under Art. 138 lit. g in conjunction with Art. 495e CRR regarding the temporary use of ECAI credit ratings in which implicit state support is assumed. Reference: FMA-M 2026/3 Addressees: • Banks Issued: 1 August 2026 Entry into force: 1 August 2026 Last amendment: 1 August 2026 Legal basis: • Art. 138 lit. g in conjunction with Art. 495e CRR Annexes:
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- Introduction The Regulation (EU) No 575/2013 (CRR) was amended by Regulation (EU) 2024/1623 ('CRR III') and is applicable in the EEA since 1 April 2025 pursuant to Decision of the Joint EEA Committee No 291/2024 of 6 December 2024. The newly introduced Art. 138 lit. g CRR stipulates that an institution may generally not use ECAI credit ratings in which implicit state support is assumed for risk positions towards institutions. Parallel to this, Art. 495e CRR opens up the possibility for competent authorities to permit institutions to continue using ECAI credit ratings based on the assumption of implicit state support until 31 December 2029. With this notice, the FMA makes use of this choice of regulatory authority under Art. 495e CRR.
- Scope of Application This notice applies to banks and regulates the temporary use of credit ratings of designated ECAIs according to Art. 4(1) no. 99 CRR in the case of risk positions towards institutions in which implicit state support within the meaning of Art. 138 third subparagraph CRR is assumed.
- Exercise of the Choice of Regulatory Authority The FMA permits the banks covered by this notice, based on Art. 495e CRR, deviating from Art. 138 lit. g CRR, to continue using ECAI credit ratings in which implicit state support is assumed for risk positions towards institutions until 31 December 2029. From 1 January 2030, the general requirements according to Art. 138 lit. g CRR apply.
- Final Provisions 4.1 Entry into force This notice was approved by the Executive Board of the FMA on 7 July 2026 and enters into force on 1 August 2026.