dimanche, décembre 20, 2009

Emerging Regulation of Credit Rating Agencies

FinReg21, 14 décembre 2009 - Synthèse intéressante publiée dans ce forum sur la réforme des règles de gouvernance financière (Lombard Street, Volume 1, Issue 18 , ici). Voici quelques extraites ...
Credit rating agencies have been heavily criticized regarding the performance of their structured finance ratings, especially ratings on securities linked to subprime residential mortgages. They have been faulted for initially assigning ratings that were too high; for failing to adjust those ratings sooner as the performance of the underlying assets deteriorated; and for not maintaining appropriate independence from the issuers and underwriters of those securities. The intense scrutiny of credit rating agencies in the U.S. and abroad is a reflection of the prominent role they play in the securities markets. Notwithstanding the criticism, their ratings continue to be widely used by investors to evaluate whether to purchase securities. Additionally, regulators continue to favor credit ratings over more idiosyncratic, subjective standards when needing to classify debt instruments for regulatory purposes.
Congress also is considering measures to enhance the oversight of NRSROs and efforts in this regard are underway in the House and Senate. One area the Congressional proposals may address is how to make it easier for private litigants to sue credit rating agencies. Congressional proposals also would provide the Commission with additional enforcement mechanisms with respect to NRSROs, by, for example, establishing a “failure to supervise” provision.

Over the last several years, credit rating agencies have moved from an environment where they were largely unsupervised to now being subject to rigorous oversight with initiatives at home and abroad still underway. The next year will be a busy time for supervisors as new proposals are implemented and take effect.
A la prochaine ...

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