3.

If the ECB decides that the CRA complies with the relevant coverage requirements and, where applicable, has remedied its previous non-compliance and the ECB decides to initiate an ECAF acceptance procedure, the CRA may proceed to the second stage of the application process. In the second stage, the CRA must demonstrate its compliance with all other relevant requirements set out in this Guideline. The individual steps in the second stage are as follows. (a) The CRA must provide to the ECB the documentation and information set out in Section II.3. The CRA may also provide any other information it considers relevant to demonstrate its compliance with the requirements set out in this Guideline. (b) The ECB will assess whether the documentation and information provided in relation to Section II.3 is complete. If the information is not complete, the ECB will request the CRA to provide additional information. (c) In accordance with Section II.4, the ECB may request any supplemental information necessary to commence its assessment of the CRA’s compliance with the requirements set out in this Guideline. (d) After the ECB has assessed an application as complete and after having requested and received any supplemental information, if necessary, in relation to coverage, the ECB will notify the CRA accordingly. (e) The Eurosystem will assess whether the CRA complies with the requirements set out in this Guideline based on the documentation and information provided pursuant to Section II.3 and 4 and any other relevant information available from other sources, including the CRA’s website. It will conduct its assessment with a view to ensuring the efficient implementation of the ECAF, maintaining the Eurosystem’s requirement for high credit standards for eligible assets and safeguarding the risk control function of the ECAF for the Eurosystem’s collateral framework. (f) As part of its assessment of the CRA’s capacity to fulfil the criteria and rules of the ECAF performance monitoring process, the Eurosystem will apply the ECAF performance monitoring process described in Article 126 of this Guideline to the CRA’s ratings covering at least three years and preferably five years prior to the application, in accordance with Section II.3 and Section III. The Eurosystem may also assess the actual ratings of the CRA against other credit assessment systems, based on its experience and knowledge gained under the ECAF. (g) As part of its assessment, the Eurosystem may require the CRA to arrange for one or more on-site visits of Eurosystem staff at the CRA’s premises and/or live meetings of the relevant CRA staff with Eurosystem staff at the ECB’s premises. If such a visit or meeting is required, it shall be considered a mandatory requirement of the application process. (h) As part of its assessment, the Eurosystem may require the CRA to grant access to rating reports to illustrate the compliance of asset ratings with the disclosure requirements set out in Annex IXb and the availability of information requirements in Article 120 and further specified in Section III.3. (i) The Eurosystem may request additional clarifications or information from the CRA at any time during its assessment. (j) The Eurosystem will adopt a reasoned decision on the CRA’s compliance with the requirements set out in this Guideline and its acceptance as an ECAI in the ECAF. It will notify its decision to the CRA concerned. Where the ECB decides that the CRA does not meet the requirements set out in this Guideline and is not to be accepted as an ECAI in the ECAF, it will provide reasons for its decision in the notification. (k) If the Eurosystem decides to accept the CRA as an ECAI in the ECAF, the ECB will also notify the CRA of the next steps required to integrate the CRA as an ECAI in the ECAF on an operational level.