Regulatory Regimes and Liability Issues
Chapter 3: GLOBAL REGULATORY FRAMEWORK
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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