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The Governance of Credit Rating Agencies

Regulatory Regimes and Liability Issues

Andrea Miglionico

The global crisis revealed that credit rating agencies (CRAs) are capable of bringing about potential distortions in the financial sector, thereby resulting in a reduction in market confidence which, in turn, influences negotiations and expectations. CRAs need to be held accountable for lack of transparency and inaccurate ratings, however the existing regulatory framework does not secure adequate investor protection. This book provides a new and important contribution to research in the area, at a crucial time in the debate around financial regulation and investment regimes.
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Chapter 3: GLOBAL REGULATORY FRAMEWORK

Andrea Miglionico

Extract

Chapter 3 examines the regulatory framework of CRAs, with particular attention being paid to the existing legislation at the international level. However, methods for securing more cooperation among global regulators, with a system of integrated controls are also considered. Such methods could require the disclosure of all aspects of the ratings activity, with an emphasis on the evaluation methods and the transparency of information. Although the task force launched by the global regulators produced significant results a hard law approach was still necessary, in fact the 2007-09 financial crisis has demonstrated that a more explicit reference to a hard law regime and legally binding measures would have been desirable.

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