(1) Subject to paragraph (9) below, the PRA must recognise an ECAI as eligible for securitisation risk-weighting purposes only if the PRA is satisfied -
(za) where the requirements of Article 2(3) of the EC Regulation apply to the ECAI, that the ECAI has complied with those requirements;
(a) taking into account the requirements set out in Schedule 1, that -
(i) the ECAI's assessment methodology complies with the requirements of objectivity, independence, ongoing review and transparency; and
(ii) the ECAI's credit assessments meet the requirements of credibility and transparency; and
(b) that the ECAI has a demonstrated ability in the area of securitisation.
(2) A demonstrated ability in the area of securitisation may be evidenced by a strong market acceptance.
(3) The PRA may recognise an ECAI as eligible for securitisation risk-weighting purposes without carrying out its own evaluation process if the ECAI has been recognised as eligible for those purposes by a competent authority