Nouvelle étude sur les agences de notation de crédit

Les lecteurs de ce blogue le savent, nous nous intéressons aux agences de notation de crédit depuis un moment déjà. Manifestation de cet intérêt, paraît aujourd'hui une nouvelle étude sur les agences, publiée sous l'égide de l'Institut C.D. Howe. Intitulée A Question of Credibibility: Enhancing the Accountability and Effectiveness of Credit Rating Agencies, l'étude jette un regard critique sur les réformes qui ont été mises de l’avant en Europe, au Canada et aux États-Unis pour encadrer les agences de notation de crédit, sévèrement critiquées dans le sillage de la crise financière. 

Voici le sommaire de l'étude:

In the wake of the financial crisis, Credit Rating Agencies (CRAs) have been criticized for having played a significant role in the market turmoil. Numerous reports have identified failures on the part of CRAs that have affected the quality and integrity of the rating process. In light of the critiques, a strong consensus has emerged among policymakers that regulatory intervention is needed. In Canada, the European Union and the United States, policymakers have opted for registration systems.

I argue that the regulatory regimes proposed on both sides of the Atlantic do not appear to be the preferable route for regulating CRAs. Indeed, the registration regimes can stifle competition, induce undue reliance on ratings and burden regulators. From a Canadian perspective, it is unfortunate that the CSA had to move away from the disclosure-based registration because of compatibility concerns with the European framework.

Three major areas of reform should be pursued. The first pertains to the elimination of regulatory references to ratings. The second area relates to the development of a due diligence obligation for institutional investors with respect to the creditworthiness of issuers. The final area of reform concerns the disclosure of information on underlying assets by issuers of structured finance products. Given that these reforms imply important changes to the regulatory landscape, an incremental approach is the preferable route.

On peut télécharger l'étude ici.