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Credit Rating Agencies on the Watch ListAnalysis of European Regulation$
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Raquel García Alcubilla and Javier Ruiz del Pozo

Print publication date: 2012

Print ISBN-13: 9780199608867

Published to Oxford Scholarship Online: May 2012

DOI: 10.1093/acprof:oso/9780199608867.001.0001

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Analysis of the EU Credit Rating Agencies Regulation

Analysis of the EU Credit Rating Agencies Regulation

Chapter:
(p.47) 3 Analysis of the EU Credit Rating Agencies Regulation
Source:
Credit Rating Agencies on the Watch List
Author(s):

Garcia Alcubilla

Ruiz del Pozo

Publisher:
Oxford University Press
DOI:10.1093/acprof:oso/9780199608867.003.0003

Due to the financial crisis, a new European System of Financial Supervisors including a new authority, ESMA, in charge of the oversight of rating agencies, was established. The chapter presents an overview of this new financial architecture and provides an in-depth analysis of the European Regulation on rating agencies. It explains the regulatory use of ratings in the EU, analysing the ECAI recognition process of the Capital Requirements Directive, which implements the Basel framework. It also examines the registration process and the supervision and enforcement framework, and ESMA’s sanctioning powers. Finally, the chapter analyses in detail the requirements to enhance agencies’ governance, to manage conflicts of interest, to improve the processes to develop and review methodologies and models, and to increase disclosures on individual ratings and on transparency of agencies’ activities. The Regulation is examined in light of all relevant guidance from ESMA, IOSCO, and other supervisors, related EU legislation, and SEC’s rules.

Keywords:   ESMA, External Credit Assessment Institution (ECAI), credit scores, watch, unsolicited rating, methodology, governance, conflicts of interest, model assumptions, downgrade

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