-
1
-
-
77954129863
-
-
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
-
-
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
-
-
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
-
-
Note
-
" European Commission adopts legislative proposals to strengthen financial supervision in the EU", Press release of 23 Sept. 2009, IP/09/1347.
-
-
-
-
5
-
-
77954116914
-
-
Note
-
Art. 3(1)(a).
-
-
-
-
7
-
-
77954115826
-
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
-
-
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
-
-
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
-
-
Note
-
Part 2, sections II and III.
-
-
-
-
11
-
-
77954111924
-
-
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
-
-
Note
-
Art. 80(1) Directive 2006/48/EC.
-
-
-
-
13
-
-
77954108025
-
-
Note
-
Art. 81(1).
-
-
-
-
14
-
-
77954100118
-
-
Note
-
Art. 81(2).
-
-
-
-
15
-
-
77954109657
-
-
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
-
-
Note
-
No. 1.1. and 1.2. Annex VI, Part 2 Directive 2006/48/EC.
-
-
-
-
17
-
-
77954130624
-
-
Note
-
In April 2007 a similar statement was issued by 11 competent European supervisory authorities for the rating agency DBRS.
-
-
-
-
18
-
-
77954128066
-
-
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
-
-
Note
-
Directive 2006/48/EC, cited supra note 11, preamble, para 39.
-
-
-
-
20
-
-
77954129333
-
-
Note
-
IOSCO membership is primarily made up of national central banks and financial market regulatory and supervisory agencies.
-
-
-
-
21
-
-
77954123936
-
-
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
-
-
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
-
-
Note
-
The CESR aims to improve coordination among securities regulators and to advise the European Commission.
-
-
-
-
25
-
-
77954128308
-
-
Note
-
Commission Proposal, Explanatory Memorandum, cited supra note 2, at p. 3.
-
-
-
-
26
-
-
77954135498
-
-
Note
-
Regulation 1060/2009, op. cit. supra note 3, preamble, para 8.
-
-
-
-
27
-
-
77954103373
-
-
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
-
-
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
-
-
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
-
-
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
-
-
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
-
-
Note
-
ESME report, cited supra note 37, at p. 21.
-
-
-
-
37
-
-
77954131502
-
-
Note
-
Commission Proposal, Explanatory Memorandum, cited supra note 2, at p. 3.
-
-
-
-
38
-
-
77954126458
-
-
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
-
-
Note
-
Commission Proposal, Explanatory Memorandum, cited supra note 2, section 1.1.
-
-
-
-
40
-
-
77954129331
-
-
Note
-
Regulation 1060/2009, op. cit., supra note 3, preamble, para 7.
-
-
-
-
41
-
-
77954136474
-
-
Note
-
Commission Proposal, Explanatory Memorandum, cited supra note 2, at p. 5.
-
-
-
-
43
-
-
77954115020
-
-
Note
-
Commission Proposal, Explanatory Memorandum, cited supra note 2, at p. 7.
-
-
-
-
44
-
-
77954133893
-
-
Note
-
Art. 249 EC.
-
-
-
-
45
-
-
77954138381
-
-
Note
-
Commission Proposal, Explanatory Memorandum, cited supra note 2, at p. 7.
-
-
-
-
46
-
-
77954105855
-
-
Note
-
Regulation 1060/2009, preamble, para 11.
-
-
-
-
47
-
-
77954093848
-
-
Note
-
Art. 37.
-
-
-
-
48
-
-
77954125398
-
-
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
-
-
Note
-
See also Art. 5(6).
-
-
-
-
50
-
-
77954129332
-
-
Note
-
See Art. 38(3) in conjunction with Art. 2(4) and Art. 5(6).
-
-
-
-
51
-
-
77954135225
-
-
Note
-
See Commission Decision 2001/528/EC, O.J. 2001, L 191/45 (as amended).
-
-
-
-
52
-
-
77954136472
-
-
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
-
-
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
-
-
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
-
-
Note
-
Art. 2(2)(a).
-
-
-
-
56
-
-
77954103901
-
-
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
-
-
Note
-
See Art. 4(3)-(5).
-
-
-
-
58
-
-
77954134710
-
-
Note
-
Art. 4(3)(a) in conjunction with Art. 3(1)(m).
-
-
-
-
59
-
-
77954113270
-
-
Note
-
Art. 4(3)(g).
-
-
-
-
60
-
-
77954117141
-
-
Note
-
Art. 4(3)(b).
-
-
-
-
61
-
-
77954131802
-
-
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
-
-
Note
-
Art. 4(3)(h).
-
-
-
-
63
-
-
77954141226
-
-
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
-
-
Note
-
Regulation 1060/2009, preamble, para 14.
-
-
-
-
65
-
-
77954110469
-
-
Note
-
Regulation 1060/2009, preamble, para 55.
-
-
-
-
66
-
-
77954104425
-
-
Note
-
For certain provisions relating to the endorsement system the period is prolonged until 7 June 2011.
-
-
-
-
67
-
-
77954125652
-
-
Note
-
Art. 40. All other CRAs can submit their application no earlier than 7 June 2010.
-
-
-
-
68
-
-
77954099087
-
-
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
-
-
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
-
-
Note
-
Art. 29(3).
-
-
-
-
71
-
-
77954091416
-
-
Note
-
See Art. 29(5)-(6), also with regard to the criteria to be taken into account in the selection.
-
-
-
-
72
-
-
77954096040
-
-
Note
-
Arts. 16(4) and 17(4).
-
-
-
-
73
-
-
77954106645
-
-
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
-
-
Note
-
Arts. 16(7) and 17(7).
-
-
-
-
75
-
-
77954114239
-
-
Note
-
Art. 18(2) and (3).
-
-
-
-
76
-
-
77954129861
-
-
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
-
-
Note
-
Under the CRD, solicited ratings can only be used if approved by the relevant authority.
-
-
-
-
78
-
-
77954093041
-
-
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
-
-
Note
-
Regulation 1060/2009, preamble, para 44.
-
-
-
-
80
-
-
77954136473
-
-
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
-
-
Note
-
The conditions are laid down in Art. 5(1).
-
-
-
-
82
-
-
77954138649
-
-
Note
-
Art. 5(1)(d).
-
-
-
-
83
-
-
78449239109
-
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
-
-
Note
-
Art. 31(2).
-
-
-
-
85
-
-
77954095199
-
-
Note
-
European Commission, Press release, cited supra note 4.
-
-
-
-
86
-
-
77954113824
-
-
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
-
-
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
-
-
Note
-
Commission Proposal, Explanatory Memorandum, cited supra note 2, at p. 6.
-
-
-
-
89
-
-
77954118911
-
-
Note
-
Art. 6 and Annex I, section A on organizational requirements and section B on operational requirements.
-
-
-
-
90
-
-
77954122064
-
-
Note
-
Annex I, section A. 2.
-
-
-
-
91
-
-
77954096301
-
-
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
-
-
Note
-
Annex I, section B. 4.
-
-
-
-
93
-
-
77954093042
-
-
Note
-
Commission Proposal, cited supra note 2, Annex 1, section E.I.2. and preamble, para 7.
-
-
-
-
94
-
-
77954122325
-
-
Note
-
Annex 1, section B. 4.
-
-
-
-
95
-
-
77954096042
-
-
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
-
-
Note
-
CESR Second report, op. cit., supra note 28, at p. 3.
-
-
-
-
97
-
-
77954127805
-
-
Note
-
Annex I, Section E. I.2.
-
-
-
-
98
-
-
77954130372
-
-
Note
-
Art. 7(4) and Annex I, Section C.
-
-
-
-
99
-
-
77954091970
-
-
Note
-
Annex I, Section C. 7.
-
-
-
-
100
-
-
77954111922
-
-
Note
-
Art. 7(5).
-
-
-
-
101
-
-
77954091156
-
-
Note
-
Annex I, Section E, I.5.
-
-
-
-
102
-
-
77954136186
-
-
Note
-
Art. 8(6).
-
-
-
-
103
-
-
77954115022
-
-
Note
-
Art. 8(5).
-
-
-
-
104
-
-
77954111753
-
-
Note
-
Art. 10(1). See in comparison Art. 8(1) Commission Proposal, cited supra note 2.
-
-
-
-
105
-
-
77954111269
-
-
Note
-
Art. 10(3).
-
-
-
-
106
-
-
77954123139
-
-
Note
-
Code of Conduct Fundamentals for Credit Rating Agencies, op. cit., supra note 25, at p. 11.
-
-
-
-
108
-
-
77954129860
-
-
Note
-
Art. 11(2).
-
-
-
-
109
-
-
77954120528
-
-
Note
-
Art. 12.
-
-
-
-
110
-
-
77954121571
-
-
Note
-
Annex I, Section B. 7-9.
-
-
-
-
111
-
-
77954139470
-
-
Note
-
Code of Conduct Fundamentals for Credit Rating Agencies, op. cit., supra note 25, at p. 2.
-
-
-
-
112
-
-
77954135905
-
-
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
-
-
Note
-
Art. 23.
-
-
-
-
114
-
-
77954128583
-
-
Note
-
Art. 36 and preamble, para 66.
-
-
-
-
115
-
-
77954102548
-
-
Note
-
Art. 24(3).
-
-
-
-
116
-
-
77954120015
-
-
Note
-
Commission Proposal, Explanatory Memorandum, at p. 10.
-
-
-
-
117
-
-
77954106643
-
-
Note
-
130. See Art. 30 Directive 2006/48/EC, cited supra note 11.
-
-
-
-
118
-
-
77954114495
-
-
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
-
-
Note
-
Art. 25(1) (c) in conjunction with Art. 4(1).
-
-
-
-
120
-
-
77954117960
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Note
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Art. 25(3).
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121
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77954120017
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Note
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Art. 22 Commission Proposal, cited supra note 2.
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-
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122
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77954119205
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Note
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Art. 25(1) (d) and Art. 20(3).
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123
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77954108023
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Note
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See in this context Art. 25(4).
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124
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77954128841
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Note
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Art. 20.
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125
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77954138380
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Note
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Art. 20(1) (a)-(d).
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126
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77954135904
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Note
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Art. 20(2) and (4). A transitional period applies for the use of credit ratings.
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127
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77954132348
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Note
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Art. 20(3).
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-
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128
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77954138379
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Note
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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.
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129
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77954106097
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Note
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See e.g. Case 200/88, Commission v. Greece, [1990] ECR I-4299.
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-
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130
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77954106642
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Note
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In accordance with Art. 234 EC.
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-
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132
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77950437362
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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
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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
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-
Benmelech1
Dlugosz2
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133
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77954130623
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Note
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The EEAG Report on the European Economy 2009, op. cit., supra note 8, at p. 68.
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134
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77954103633
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Note
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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.".
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135
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77954118634
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Note
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Regulation 1060/2009, op. cit., supra note 3, preamble, para 10.
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-
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136
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77950419055
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Saïd Business School, University of Oxford
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Morrison, "Ratings agencies, regulation, and financial market stability", Saïd Business School, University of Oxford, 2008, p. 5.
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(2008)
Ratings agencies, regulation, and financial market stability
, pp. 5
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-
Morrison1
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137
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34047223594
-
-
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
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Portnoy1
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138
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77954096437
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Note
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This does not imply that we would favour such rules, as this would lead to too much interference with the activities of private firms.
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139
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77954140033
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Note
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ESME report.
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140
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77954104717
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Note
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See speech by Commissioner McCreevy.
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141
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77954116368
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Note
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Regulation 1060/2009, preamble, para 55.
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-
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142
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77954115556
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Note
-
Regulation 1060/2009, cited supra note 3, preamble, para 73.
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