Agences de notation de crédit: où en sommes-nous?

Je présente demain au Capital Markets Institute mon étude intitulée Credit Rating Agencies Regulation Across Countries: A Critical Assessment of Current Reform Initiatives Following the Credit Crisis. Pour celles et ceux qui ne peuvent assister à cette présentation, voici le synopsis:

The credit crisis that started in the American mortgage subprime market in 2007 is having profound social and economic consequences. In this context, a number of lawmakers, regulators, and commentators have questioned the role of rating agencies in the market turmoil. In light of the critiques, a strong consensus emerged that regulatory intervention was needed. The consensus was encapsulated in the Group of Twenty (G20) communiqué of April 2009 that stated that “We have agreed on more effective oversight of the activities of Credit Rating Agencies, as they are essential market participants”. Thus, a number of reform initiatives are under way in Canada, Europe and the United States to address the concerns raised by credit rating agencies’ activities in the context of structured finance products.

The paper provides a critical assessment of the regulatory initiatives put forward on both sides of the Atlantic to address the problems which have affected the accuracy of the ratings as well as the integrity of the ratings process. The first part of the paper offers some background relating to the subprime credit crisis. The second part moves to an analysis of the role of CRAs in the context of the structured finance products. Finally, after having highlighted the failings of CRAs’ in the asset-backed securities market, the paper presents the reform initiatives. It offers a critical comparative examination of the strategies for enhancing the accountability and effectiveness of CRAs.

L'étude sera publiée plus tard cet été, sûrement d'abord sur SSRN, avant d'être soumise à une revue. En outre, vous pourrez consulter le site du CMI qui aura vraisemblablement un Webcast de la présentation. Et n'oubliez pas la conférence de septembre prochain du Centre d'études en droit économique, où sera abordée, en autres, ce sujet.