Regulatory Regimes and Liability Issues
Chapter 5: THE EU REGIME
Chapter 5 analyzes the European regulatory response to the shortcomings associated with rating activities. It is argued that the adoption of Regulation No 1060/2009 represented the transition of the rules governing CRAs from a self-regulatory to a government-regulated framework. The EU legislation on CRAs designates specific rules that are intended to improve disclosure and set forth a stringent regime for rating agencies. It set out a legally binding pan-European authorization regime for CRAs by targeting the problem of conflicts of interest and ratings quality. This chapter also discusses how harmonized rules could eliminate differential treatment under the law and introduce on-going supervision with accountable responsibility for rating agencies.
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