金融危机背景下信用评级机构的法律责任问题初探

The Study on Legal Responsibility of Credit Rating Agency

普通法国家的实践证明了追究评级机构法律责任无论在理论上还是操作上均存在着诸多障碍。随着次贷危机的蔓延,对评级机构的法律责任的规制有了新的发展,而各国与之相关的监管理念和法律制度也有了新的变化。随着我国金融体制改革的不断深入和发展,社会对信用评级的需求不断增加,国际证券评级机构也在近年忙着抢滩中国市场。在这个过程中,如果评级机构出现失职行为,损害相对方的利益,受损害方可以通过违约责任和虚假陈述责任的问责机制,在我国现有的法律框架下维护自身的合法权益。

The current financial crisis puts credit rating agencies in the spotlight again after the Enron scandal. The credit rating agencies could be liable to the contracted party and the public investors for their negligent misrepresentation and misstatements. But in history,the court seldom held the credit rating agencies liable for the protection of commercial speech. As the financial crisis spreads,the credit-rating agencies,once a relatively anonymous group,have come under increasing scrutiny for their role in the crisis. With the development of financial reform and opening-up,the demands for credit rating in China will attract more credit rating agencies both at home and aboard. During the process,how could the aggrieved party resort to remedies under the current legal mechanism in China? The essay suggests referring to the liability for contract breaching and false statement.