Regulating Credit Rating Agencies in the European Union: A Critical First Assessment of the European Commission Proposal

IF 2.2 3区 经济学 Q2 BUSINESS, FINANCE
F. Amtenbrink, J. de Haan
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引用次数: 7

Abstract

In the wake of the ongoing global financial crisis, recently the European Commission has published a proposal for a European Parliament and Council Regulation on Credit Rating Agencies. With this proposal the European Union aims at addressing calls for more regulation of the (global) financial markets and overall improvements in the rating process of Credit Rating Agencies. According to some analysts, such as the Financial Stability Forum, poor credit assessments of complex structured credit products by Credit rating Agencies contributed to both the build up and the unfolding of the financial crisis. The authors offer a first critical comparative examination of the proposed Regulation against the background of the current regime under the non-binding IOSCO Code of Conduct for Credit Rating Agencies. In doing so, answers are sought to the question, whether and to what extent the introduction of the envisaged regulatory framework will result in a more effective and efficient oversight over the activities of Credit Rating Agencies in the European Union. A certain degree of scepticism may be called for, as the proposed Regulation falls short of addressing some important shortcomings of the present regulatory framework, while the value added of the proposed regulatory framework may not necessarily outweigh its risks.
规范欧盟信用评级机构:对欧盟委员会提案的关键首次评估
在持续的全球金融危机之后,最近欧盟委员会公布了一项关于欧洲议会和理事会对信用评级机构的监管提案。欧盟提出这一建议的目的,是回应对(全球)金融市场加强监管的呼声,并全面改善信用评级机构的评级过程。金融稳定论坛(Financial Stability Forum)等一些分析人士表示,信用评级机构对复杂结构性信贷产品的不良信用评估,对金融危机的形成和发展都起到了推波助波助波助波的作用。作者在国际证监会组织信用评级机构行为准则不具约束力的现行制度的背景下,对拟议的监管进行了首次批判性的比较审查。在这样做的过程中,人们寻求这样一个问题的答案,即引入设想的监管框架是否以及在多大程度上将导致对欧盟信用评级机构活动的更有效和高效的监督。由于拟议的法规未能解决当前监管框架的一些重要缺陷,因此可能需要一定程度的怀疑,而拟议监管框架的附加值可能不一定超过其风险。
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来源期刊
European Journal of Finance
European Journal of Finance BUSINESS, FINANCE-
CiteScore
5.40
自引率
8.00%
发文量
72
期刊介绍: The European Journal of Finance publishes a full range of research into theoretical and empirical topics in finance. The emphasis is on issues that reflect European interests and concerns. The journal aims to publish work that is motivated by significant issues in the theory or practice of finance. The journal promotes communication between finance academics and practitioners by providing a vehicle for the publication of research into European issues, stimulating research in finance within Europe, encouraging the international exchange of ideas, theories and the practical application of methodologies and playing a positive role in the development of the infrastructure for finance research.
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