Regulatory Regimes and Liability Issues
Chapter 9: EUROPEAN UNION
Chapter 9 provides an assessment of the civil liability regime for CRAs established by the EU regulatory framework. The EU civil liability framework for CRAs prescribed a private enforcement mechanism for investors and issuers regardless whether or not the ratings activities are subject to a contractual relationship. In this context, the EU liability framework for CRAs can be considered to mark a step forward in the regulation of the rating industry, although it is probably not sufficient to introduce a level playing field for private enforcement by investors. It is observed that CRAs should be regulated having due regard to their potential systemic threat.
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