Regulatory Regimes and Liability Issues
Chapter 6: THE UK REGIME
Chapter 6 examines the UK regulatory regime for CRAs. It is pointed that in the UK, regulators and legislators adopted a mixed system of principles and rules for credit rating agencies. This regulatory approach has been mainly influenced by EU law and international initiatives. The chapter also considers the regulatory measures introduced through the Financial Services Authority’s Turner Report: a set of guidelines aimed to reduce the inappropriate use of ratings and to secure financial soundness. It is observed that while the Turner Review can be regarded a first concrete attempt to provide measures as to how to regulate CRAs, even further, its impact on the ratings system was ultimately modest and above all needed to be implemented by more intrusive regulatory measures.
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