Regulatory Regimes and Liability Issues
Chapter 8: UNITED STATES
Chapter 8 argues that the present system for regulating CRAs in the US is defective in terms of information asymmetries, an absence of transparency, conflicts of interest and limited competition. This chapter discusses a range of proposals aimed at reforming the current regulatory framework. It is suggested that CRAs should be treated in the same way as other professional financial intermediaries (such as auditors and financial analysts) by recasting their responsibilities in order to put them under professional duties entailing the requisite degree of care vis-à-vis investors. This chapter also observes that a civil liability regime for CRAs could constitute a system of investor protection over and above traditional regulation.
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