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Volumn 46, Issue 6, 2009, Pages 1915-1949

Regulating credit ratings in the european union: A critical first assessment of regulation 1060/2009 on credit rating agencies

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EID: 77954140724     PISSN: 01650750     EISSN: None     Source Type: Journal    
DOI: None     Document Type: Article
Times cited : (19)

References (143)
  • 1
    • 77954129863 scopus 로고    scopus 로고
    • Note
    • The FSF brings together senior representatives of national financial authorities (i.e. central banks, supervisory authorities and treasury departments), international financial institutions, international regulatory and supervisory groupings, committees of central bank experts and the European Central Bank.
  • 2
    • 77954115293 scopus 로고    scopus 로고
    • Note
    • Preamble, European Commission, Proposal of the European Parliament and of the Council on Credit Rating Agencies, COM(2008)704 final, Brussels (12 Nov. 2008), hereafter referred to as " Commission Proposal" .
  • 3
    • 77954118503 scopus 로고    scopus 로고
    • Note
    • Regulation (EC) 1060/2009 of the European Parliament and of the Council of credit rating agencies, O.J. 2009, L 302/1 (hereafter referred to as the Regulation). Agreement was reached between the Council and the EP in first reading. References throughout this article have been based on the English language version of 16 Sept. 2009 (PE-CONS 3642/4/09, REV 4) available at the time of the finalizing of this article on the Council webpage.
  • 4
    • 77954139198 scopus 로고    scopus 로고
    • Note
    • " European Commission adopts legislative proposals to strengthen financial supervision in the EU", Press release of 23 Sept. 2009, IP/09/1347.
  • 5
    • 77954116914 scopus 로고    scopus 로고
    • Note
    • Art. 3(1)(a).
  • 7
    • 77954115826 scopus 로고    scopus 로고
    • Quis custodiet ipsos custodes? Revisiting rating agency regulation
    • Kormos, "Quis custodiet ipsos custodes? Revisiting rating agency regulation", (2008) International Business Law Journal, 569.
    • (2008) International Business Law Journal , pp. 569
    • Kormos1
  • 8
    • 73149087836 scopus 로고    scopus 로고
    • CESifo Group Munich, Germany. The report is available online at, (accessed 3 Oct)
    • The EEAG Report on the European Economy 2009, CESifo Group Munich, Germany, p. 67. The report is available online at www.cesifo-group.de/portal/page/portal/ifoHome/Bpolitik/70eeagreport (accessed 3 Oct. 2009).
    • (2009) The EEAG Report on the European Economy 2009 , pp. 67
  • 9
    • 77954106904 scopus 로고    scopus 로고
    • Note
    • Basel Committee on Banking Supervision, "International Convergence of Capital Measurement and Capital Standards. A revised Framework", June 2004. The framework was endorsed by the central bank governors and heads of the supervisory authorities of the G10 countries on 26 June 2004. The first pillar deals with the minimum capital requirements, whereas the second pillar includes the supervisory review process. The third pillar is dedicated to market discipline.
  • 10
    • 77954090887 scopus 로고    scopus 로고
    • Note
    • Part 2, sections II and III.
  • 11
    • 77954111924 scopus 로고    scopus 로고
    • Note
    • It comprises Directive 2006/48/EC of the European Parliament and the Council of 14 June 2006 relating to the taking up and pursuit of the business of credit institutions (recast), O.J. 2006, L 177/1 (as amended) and Directive 2006/49/EC of the European Parliament and the Council of 14 June 2006 on the capital adequacy of investment firms and credit institutions (recast), O.J. 2006, L 177/201 (as amended).
  • 12
    • 77954110701 scopus 로고    scopus 로고
    • Note
    • Art. 80(1) Directive 2006/48/EC.
  • 13
    • 77954108025 scopus 로고    scopus 로고
    • Note
    • Art. 81(1).
  • 14
    • 77954100118 scopus 로고    scopus 로고
    • Note
    • Art. 81(2).
  • 15
    • 77954109657 scopus 로고    scopus 로고
    • Committee of European Banking Supervisors, 20 Jan. 2006, available at, (accessed 3 Oct)
    • Committee of European Banking Supervisors, "Guidelines on the Recognition of External Credit Assessment Institutions", 20 Jan. 2006, available at: www.c-ebs.org/Publications/Standards-Guidelines.aspx (accessed 3 Oct. 2008).
    • (2008) Guidelines on the Recognition of External Credit Assessment Institutions"
  • 16
    • 77954103903 scopus 로고    scopus 로고
    • Note
    • No. 1.1. and 1.2. Annex VI, Part 2 Directive 2006/48/EC.
  • 17
    • 77954130624 scopus 로고    scopus 로고
    • Note
    • In April 2007 a similar statement was issued by 11 competent European supervisory authorities for the rating agency DBRS.
  • 18
    • 77954128066 scopus 로고    scopus 로고
    • Note
    • Due to their limited importance in the present context, two related Directives, which form part of the Commission's Financial Service Action Plan, are not discussed here, i.e. Commission Directive 2003/125/EC of 22 Dec. 2003 implementing Directive 2003/6/EC of the European Parliament and the Council as regards the fair presentation of investment recommendations and the disclosure of conflicts of interest, O.J. 2003, L 339/73 and Directive 2004/39/EC of the European Parliament and the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and the Council and repealing Council Directive 93/22/EEC, O.J. 2004, L 145/1 (as amended).
  • 19
    • 77954110190 scopus 로고    scopus 로고
    • Note
    • Directive 2006/48/EC, cited supra note 11, preamble, para 39.
  • 20
    • 77954129333 scopus 로고    scopus 로고
    • Note
    • IOSCO membership is primarily made up of national central banks and financial market regulatory and supervisory agencies.
  • 21
    • 77954123936 scopus 로고    scopus 로고
    • published by the technical committee of IOSCO, revised version of May 2008. The most recent code of conduct is available at, (accessed 3 Oct)
    • Code of Conduct Fundamentals for Credit Rating Agencies, published by the technical committee of IOSCO, revised version of May 2008. The most recent code of conduct is available at: www.iosco.org/library/pubdocs/pdf/IOSCOPD271.pdf (accessed 3 Oct. 2009).
    • (2009) Code of Conduct Fundamentals for Credit Rating Agencies
  • 22
    • 77954125125 scopus 로고    scopus 로고
    • Note
    • No. 4.1 of the IOSCO CRA Principles states in this regard: " If a CRA's code of conduct deviates from the IOSCO provisions, the CRA should explain where and why these deviations exist, and how any deviations nonetheless achieve the objectives contained in the IOSCO provision.".
  • 23
    • 77954096979 scopus 로고    scopus 로고
    • Note
    • The CESR aims to improve coordination among securities regulators and to advise the European Commission.
  • 25
    • 77954128308 scopus 로고    scopus 로고
    • Note
    • Commission Proposal, Explanatory Memorandum, cited supra note 2, at p. 3.
  • 26
    • 77954135498 scopus 로고    scopus 로고
    • Note
    • Regulation 1060/2009, op. cit. supra note 3, preamble, para 8.
  • 27
    • 77954103373 scopus 로고    scopus 로고
    • Note
    • Report of the FSF on Enhancing Market and Institutional Resilience, 7 April 2008, available at: www.fsforum.org/publications/r_0804.pdf (accessed 3 Oct. 2009).
  • 32
    • 77954118501 scopus 로고    scopus 로고
    • ESME's report to the European Commission, June 2008. Available at, (accessed 3 Oct)
    • " Role of Credit Rating Agencies", ESME's report to the European Commission, June 2008. Available at ec.europa.eu/internal_market/securities/esme/index_en.htm (accessed 3 Oct. 2009), at p. 23.
    • (2009) Role of Credit Rating Agencies , pp. 23
  • 33
    • 77954126182 scopus 로고    scopus 로고
    • Note
    • Similar to the CESR report, the ESME report emphasizes that this opinion is based on the assumption that an enhanced self-regulatory model is made to work and is seen in the market to be effective.
  • 34
    • 77954112201 scopus 로고    scopus 로고
    • Note
    • CESR's Second Report, cited supra note 28, at p. 3. However, as a quasi back-up, the report also states that if a proposed monitoring body did not succeed, a regulatory response would be called for.
  • 35
    • 77954117142 scopus 로고    scopus 로고
    • Note
    • In the vision of CESR, the body should consist of senior representatives of the investor, issuer and investment firms from across various geographic areas, which should be appointed by the international regulatory community and would be accountable to those that appoint them.
  • 36
    • 77954108310 scopus 로고    scopus 로고
    • Note
    • ESME report, cited supra note 37, at p. 21.
  • 37
    • 77954131502 scopus 로고    scopus 로고
    • Note
    • Commission Proposal, Explanatory Memorandum, cited supra note 2, at p. 3.
  • 38
    • 77954126458 scopus 로고    scopus 로고
    • Note
    • " Regulating in a Global Market", speech by Charlie McCreevy, at the occasion of the inaugural Global Financial Services Conference, Dublin, 16 June 2008 (Speech/08/334).
  • 39
    • 77954135496 scopus 로고    scopus 로고
    • Note
    • Commission Proposal, Explanatory Memorandum, cited supra note 2, section 1.1.
  • 40
    • 77954129331 scopus 로고    scopus 로고
    • Note
    • Regulation 1060/2009, op. cit., supra note 3, preamble, para 7.
  • 41
    • 77954136474 scopus 로고    scopus 로고
    • Note
    • Commission Proposal, Explanatory Memorandum, cited supra note 2, at p. 5.
  • 43
    • 77954115020 scopus 로고    scopus 로고
    • Note
    • Commission Proposal, Explanatory Memorandum, cited supra note 2, at p. 7.
  • 44
    • 77954133893 scopus 로고    scopus 로고
    • Note
    • Art. 249 EC.
  • 45
    • 77954138381 scopus 로고    scopus 로고
    • Note
    • Commission Proposal, Explanatory Memorandum, cited supra note 2, at p. 7.
  • 46
    • 77954105855 scopus 로고    scopus 로고
    • Note
    • Regulation 1060/2009, preamble, para 11.
  • 47
    • 77954093848 scopus 로고    scopus 로고
    • Note
    • Art. 37.
  • 48
    • 77954125398 scopus 로고    scopus 로고
    • Note
    • 1999/468/EC: Council Decision of 28 June 1999 laying down the procedures for the exercise of implementing powers conferred on the Commission, O.J. 1999, L 184/23, as amended by 2006/512/EC: Council Decision of 17 July 2006 amending Decision 1999/468/EC laying down the procedures for the exercise of implementing powers conferred on the Commission, O.J. 2006, L 200/13.
  • 49
    • 77954097746 scopus 로고    scopus 로고
    • Note
    • See also Art. 5(6).
  • 50
    • 77954129332 scopus 로고    scopus 로고
    • Note
    • See Art. 38(3) in conjunction with Art. 2(4) and Art. 5(6).
  • 51
    • 77954135225 scopus 로고    scopus 로고
    • Note
    • See Commission Decision 2001/528/EC, O.J. 2001, L 191/45 (as amended).
  • 52
    • 77954136472 scopus 로고    scopus 로고
    • Note
    • See Directive 2005/68/EC of the European Parliament and of the Council of 16 Nov. 2005 on reinsurance and amending Council Directives 73/239/EEC, 92/49/EEC as well as Directives 98/78/EC and 2002/83/EC, O.J. 2005, L 323/1 (as amended).
  • 53
    • 77954137013 scopus 로고    scopus 로고
    • Note
    • In the original Commission Proposal, explicit reference was made in Art. 2(1) to the specific purposes of the ratings. See now Art. 4(1) of the final Regulation, discussed hereafter.
  • 54
    • 77954125395 scopus 로고    scopus 로고
    • Note
    • Art. 3(1)(b). Again, the scope of the Commission Proposal was somewhat narrower as the issuing of ratings had to be a regular and principal occupation.
  • 55
    • 77954121569 scopus 로고    scopus 로고
    • Note
    • Art. 2(2)(a).
  • 56
    • 77954103901 scopus 로고    scopus 로고
    • Note
    • Art. 3(1)(o) defines credit rating activities with data and information analysis and the evaluation, approval, using and review of credit ratings.
  • 57
    • 77954106644 scopus 로고    scopus 로고
    • Note
    • See Art. 4(3)-(5).
  • 58
    • 77954134710 scopus 로고    scopus 로고
    • Note
    • Art. 4(3)(a) in conjunction with Art. 3(1)(m).
  • 59
    • 77954113270 scopus 로고    scopus 로고
    • Note
    • Art. 4(3)(g).
  • 60
    • 77954117141 scopus 로고    scopus 로고
    • Note
    • Art. 4(3)(b).
  • 61
    • 77954131802 scopus 로고    scopus 로고
    • Note
    • Art. 3(1)(c). See also Arts. 34 and 35 on the exchange of information between European and third country supervisory authorities.
  • 62
    • 77954141477 scopus 로고    scopus 로고
    • Note
    • Art. 4(3)(h).
  • 63
    • 77954141226 scopus 로고    scopus 로고
    • Note
    • According to Art. 21(2)(c) CESR has to issue guidelines on the application of the endorsement regime by 7 June 2010.
  • 64
    • 77954140563 scopus 로고    scopus 로고
    • Note
    • Regulation 1060/2009, preamble, para 14.
  • 65
    • 77954110469 scopus 로고    scopus 로고
    • Note
    • Regulation 1060/2009, preamble, para 55.
  • 66
    • 77954104425 scopus 로고    scopus 로고
    • Note
    • For certain provisions relating to the endorsement system the period is prolonged until 7 June 2011.
  • 67
    • 77954125652 scopus 로고    scopus 로고
    • Note
    • Art. 40. All other CRAs can submit their application no earlier than 7 June 2010.
  • 68
    • 77954099087 scopus 로고    scopus 로고
    • Note
    • Art. 15(1)-(2). Annex II sets out the information which has to be included in the application, including inter alia ownership structures, organizational structures and corporate governance arrangements, financial resources, staffing and expertise, a description of the procedures and methodologies used to issue and maintain credit ratings, policies and procedures to identify and manage conflicts of interests, information regarding employees, compensation and performance evaluation arrangements, as well as an overview of other services than credit rating activities that the CRA intends to perform.
  • 69
    • 77954125397 scopus 로고    scopus 로고
    • Note
    • Art. 15(1)-(4). According to Art. 19, the competent authority of the home Member State is free to charge registration fees. With regard to the arrangements applicable to groups of CRAs, see Art. 17.
  • 70
    • 77954128307 scopus 로고    scopus 로고
    • Note
    • Art. 29(3).
  • 71
    • 77954091416 scopus 로고    scopus 로고
    • Note
    • See Art. 29(5)-(6), also with regard to the criteria to be taken into account in the selection.
  • 72
    • 77954096040 scopus 로고    scopus 로고
    • Note
    • Arts. 16(4) and 17(4).
  • 73
    • 77954106645 scopus 로고    scopus 로고
    • Note
    • While Art. 29(7) entrusts the facilitator with task of drafting a written coordination agreement on the internal working of the college, Art. 29(7)(b) explicitly states that arrangements on the decision-making process are " without prejudice to Articles 16, 17 and 20". It is thus questionable whether such an agreement could, e.g., provide for majority decisions, as " agreement" suggests unanimity.
  • 74
    • 77954109411 scopus 로고    scopus 로고
    • Note
    • Arts. 16(7) and 17(7).
  • 75
    • 77954114239 scopus 로고    scopus 로고
    • Note
    • Art. 18(2) and (3).
  • 76
    • 77954129861 scopus 로고    scopus 로고
    • Note
    • Arts. 15-18. Namely the qualification of an application as incomplete, resulting in the request of additional information, can delay the process, see Art. 15(5)-(6).
  • 77
    • 77954123684 scopus 로고    scopus 로고
    • Note
    • Under the CRD, solicited ratings can only be used if approved by the relevant authority.
  • 78
    • 77954093041 scopus 로고    scopus 로고
    • Guidelines on the recognition of External Credit Assessment Institutions of 20 Jan. 2006 (GL07), (accessed 3 Oct)
    • Guidelines on the recognition of External Credit Assessment Institutions of 20 Jan. 2006 (GL07), www.c-ebs.org/formupload/41/413b2513-5084-4293-a386-16385b80411d.pdf (accessed 3 Oct. 2009).
    • (2009)
  • 79
    • 77954125124 scopus 로고    scopus 로고
    • Note
    • Regulation 1060/2009, preamble, para 44.
  • 80
    • 77954136473 scopus 로고    scopus 로고
    • Note
    • The exception would have been an application by a Group of CRAs, as it was foreseen that the competent authorities of all home Member States would have to reach agreement on whether to grant or to refuse registration. See Art. 13(2) and 14(5) Commission Proposal, cited supra note 2.
  • 81
    • 77954092479 scopus 로고    scopus 로고
    • Note
    • The conditions are laid down in Art. 5(1).
  • 82
    • 77954138649 scopus 로고    scopus 로고
    • Note
    • Art. 5(1)(d).
  • 83
    • 78449239109 scopus 로고    scopus 로고
    • The systemic importance of financial institutions
    • On the methodology for the allocation of system-wide risk to individual institutions, September 2009
    • On the methodology for the allocation of system-wide risk to individual institutions see e.g. Tarashev, Borio and Tsatsaronis, "The systemic importance of financial institutions" BIS Quarterly Review, September 2009.
    • BIS Quarterly Review
    • Tarashev, B.1    Tsatsaronis2
  • 84
    • 77954100634 scopus 로고    scopus 로고
    • Note
    • Art. 31(2).
  • 85
    • 77954095199 scopus 로고    scopus 로고
    • Note
    • European Commission, Press release, cited supra note 4.
  • 86
    • 77954113824 scopus 로고    scopus 로고
    • Note
    • Proposal for a Regulation of the European Parliament and of the Council establishing a European Banking Authority, COM(2009)501 final; Proposal for a Regulation of the European Parliament and of the Council establishing a European Insurance and Occupational Pensions Authority, COM (2009)502 final; Proposal for a Regulation of the European Parliament and of the Council establishing a European Securities and Markets Authority, COM(2009)503 final.
  • 87
    • 77954136745 scopus 로고    scopus 로고
    • Note
    • Proposal for a Regulation of the European Parliament and of the Council establishing a European Securities and Markets Authority, cited supra note 96, Explanatory Memorandum, para 6.6.
  • 88
    • 77954097239 scopus 로고    scopus 로고
    • Note
    • Commission Proposal, Explanatory Memorandum, cited supra note 2, at p. 6.
  • 89
    • 77954118911 scopus 로고    scopus 로고
    • Note
    • Art. 6 and Annex I, section A on organizational requirements and section B on operational requirements.
  • 90
    • 77954122064 scopus 로고    scopus 로고
    • Note
    • Annex I, section A. 2.
  • 91
    • 77954096301 scopus 로고    scopus 로고
    • Note
    • Under the code, a "CRA's disclosures of actual and potential conflicts of interest should be complete, timely, clear, concise, specific and prominent." Code of Conduct Fundamentals for Credit Rating Agencies, op. cit., supra note 25, at p. 8.
  • 92
    • 77954100384 scopus 로고    scopus 로고
    • Note
    • Annex I, section B. 4.
  • 93
    • 77954093042 scopus 로고    scopus 로고
    • Note
    • Commission Proposal, cited supra note 2, Annex 1, section E.I.2. and preamble, para 7.
  • 94
    • 77954122325 scopus 로고    scopus 로고
    • Note
    • Annex 1, section B. 4.
  • 95
    • 77954096042 scopus 로고    scopus 로고
    • Note
    • Code of Conduct Fundamentals for Credit Rating Agencies, op. cit., supra note 25, at p. 7. In contrast, in its second report on compliance of CRAs with the Code of Conduct, CESR acknowledges that a clearer international consensus over what constitutes advisory practice and a definition of what constitutes ancillary business would be of benefit to the market, op. cit., supra note 28, at p. 2.
  • 96
    • 77954106646 scopus 로고    scopus 로고
    • Note
    • CESR Second report, op. cit., supra note 28, at p. 3.
  • 97
    • 77954127805 scopus 로고    scopus 로고
    • Note
    • Annex I, Section E. I.2.
  • 98
    • 77954130372 scopus 로고    scopus 로고
    • Note
    • Art. 7(4) and Annex I, Section C.
  • 99
    • 77954091970 scopus 로고    scopus 로고
    • Note
    • Annex I, Section C. 7.
  • 100
    • 77954111922 scopus 로고    scopus 로고
    • Note
    • Art. 7(5).
  • 101
    • 77954091156 scopus 로고    scopus 로고
    • Note
    • Annex I, Section E, I.5.
  • 102
    • 77954136186 scopus 로고    scopus 로고
    • Note
    • Art. 8(6).
  • 103
    • 77954115022 scopus 로고    scopus 로고
    • Note
    • Art. 8(5).
  • 104
    • 77954111753 scopus 로고    scopus 로고
    • Note
    • Art. 10(1). See in comparison Art. 8(1) Commission Proposal, cited supra note 2.
  • 105
    • 77954111269 scopus 로고    scopus 로고
    • Note
    • Art. 10(3).
  • 106
    • 77954123139 scopus 로고    scopus 로고
    • Note
    • Code of Conduct Fundamentals for Credit Rating Agencies, op. cit., supra note 25, at p. 11.
  • 108
    • 77954129860 scopus 로고    scopus 로고
    • Note
    • Art. 11(2).
  • 109
    • 77954120528 scopus 로고    scopus 로고
    • Note
    • Art. 12.
  • 110
    • 77954121571 scopus 로고    scopus 로고
    • Note
    • Annex I, Section B. 7-9.
  • 111
    • 77954139470 scopus 로고    scopus 로고
    • Note
    • Code of Conduct Fundamentals for Credit Rating Agencies, op. cit., supra note 25, at p. 2.
  • 112
    • 77954135905 scopus 로고    scopus 로고
    • Note
    • Art. 22 and 23. The Regulation makes clear in this context that they are not to interfere with the content of credit ratings or methodologies. 125. Art. 24(1).
  • 113
    • 77954099832 scopus 로고    scopus 로고
    • Note
    • Art. 23.
  • 114
    • 77954128583 scopus 로고    scopus 로고
    • Note
    • Art. 36 and preamble, para 66.
  • 115
    • 77954102548 scopus 로고    scopus 로고
    • Note
    • Art. 24(3).
  • 116
    • 77954120015 scopus 로고    scopus 로고
    • Note
    • Commission Proposal, Explanatory Memorandum, at p. 10.
  • 117
    • 77954106643 scopus 로고    scopus 로고
    • Note
    • 130. See Art. 30 Directive 2006/48/EC, cited supra note 11.
  • 118
    • 77954114495 scopus 로고    scopus 로고
    • Note
    • Art. 25(1). When taking measures pursuant to Art. 25(1)(b), the competent authority of the other Member State has to take into account any measures already taken or envisaged by the home Member State.
  • 119
    • 77954120527 scopus 로고    scopus 로고
    • Note
    • Art. 25(1) (c) in conjunction with Art. 4(1).
  • 120
    • 77954117960 scopus 로고    scopus 로고
    • Note
    • Art. 25(3).
  • 121
    • 77954120017 scopus 로고    scopus 로고
    • Note
    • Art. 22 Commission Proposal, cited supra note 2.
  • 122
    • 77954119205 scopus 로고    scopus 로고
    • Note
    • Art. 25(1) (d) and Art. 20(3).
  • 123
    • 77954108023 scopus 로고    scopus 로고
    • Note
    • See in this context Art. 25(4).
  • 124
    • 77954128841 scopus 로고    scopus 로고
    • Note
    • Art. 20.
  • 125
    • 77954138380 scopus 로고    scopus 로고
    • Note
    • Art. 20(1) (a)-(d).
  • 126
    • 77954135904 scopus 로고    scopus 로고
    • Note
    • Art. 20(2) and (4). A transitional period applies for the use of credit ratings.
  • 127
    • 77954132348 scopus 로고    scopus 로고
    • Note
    • Art. 20(3).
  • 128
    • 77954138379 scopus 로고    scopus 로고
    • Note
    • The acts or omissions of the national competent authority would undoubtedly be attributed to the respective Member State, as the former exercise State authority. See e.g. Case 77/69, Commission v. Belgium, [1970] ECR 237.
  • 129
    • 77954106097 scopus 로고    scopus 로고
    • Note
    • See e.g. Case 200/88, Commission v. Greece, [1990] ECR I-4299.
  • 130
    • 77954106642 scopus 로고    scopus 로고
    • Note
    • In accordance with Art. 234 EC.
  • 132
    • 77950437362 scopus 로고    scopus 로고
    • Working Paper, Harvard Business School, 2008, who examined 4,000 structured bonds that were backed by loan portfolios. The average rating of the loans was B+, yet 70% of the bonds were rated AAA
    • See e.g. Benmelech and Dlugosz, "The Alchemy of CDO Rating", Working Paper, Harvard Business School, 2008, who examined 4,000 structured bonds that were backed by loan portfolios. The average rating of the loans was B+, yet 70% of the bonds were rated AAA.
    • The Alchemy of CDO Rating
    • Benmelech1    Dlugosz2
  • 133
    • 77954130623 scopus 로고    scopus 로고
    • Note
    • The EEAG Report on the European Economy 2009, op. cit., supra note 8, at p. 68.
  • 134
    • 77954103633 scopus 로고    scopus 로고
    • Note
    • For instance Benmelech and Dlugosz, op. cit. supra note 147, at p. 3, argue that their results suggest that " most issuers were using the rating agencies' model to target the highest possible credit rating at the lowest cost.".
  • 135
    • 77954118634 scopus 로고    scopus 로고
    • Note
    • Regulation 1060/2009, op. cit., supra note 3, preamble, para 10.
  • 137
    • 34047223594 scopus 로고    scopus 로고
    • For a similar argument, University of San Diego, School of Law, Legal Studies Research Paper Series, no. 07-46
    • For a similar argument, see Portnoy, "How and why credit rating agencies are not like other gatekeepers", University of San Diego, School of Law, Legal Studies Research Paper Series, no. 07-46.
    • How and why credit rating agencies are not like other gatekeepers
    • Portnoy1
  • 138
    • 77954096437 scopus 로고    scopus 로고
    • Note
    • This does not imply that we would favour such rules, as this would lead to too much interference with the activities of private firms.
  • 139
    • 77954140033 scopus 로고    scopus 로고
    • Note
    • ESME report.
  • 140
    • 77954104717 scopus 로고    scopus 로고
    • Note
    • See speech by Commissioner McCreevy.
  • 141
    • 77954116368 scopus 로고    scopus 로고
    • Note
    • Regulation 1060/2009, preamble, para 55.
  • 142
    • 77954115556 scopus 로고    scopus 로고
    • Note
    • Regulation 1060/2009, cited supra note 3, preamble, para 73.


* 이 정보는 Elsevier사의 SCOPUS DB에서 KISTI가 분석하여 추출한 것입니다.