欧盟信用评级机构监管机制研究

Restoring Market Discipline-European' s Dilemma in the Regulatory Regime of Credit Rating Agencies

2008年金融危机爆发后,欧盟总结了金融危机的经验教训,改变了以市场自律为主的约束机制,开展了一系列立法行动,对信用评级机构的监管机制先后进行了三次改革。介绍了欧盟信用评级监管法规的演变路径,针对改革中恢复市场纪律这一目标,着重研究2013年第三次改革后所形成的监管机制,对目前欧盟的信用评级机构监管方式进行了探讨,并对欧盟信用评级的立法改革在法律实践中所面临的困境进行了分析。

In the wake of the 2008 financial market crises, the European Union has left the path of the market-oriented discipline and restraint mechanisms, initiated a series of legislative action, introduced a regulatory and supervisory regime for credit rating agencies and reformed it three times. This paper briefly described the EU evolution of the regulatory process, focusing on the regulatory mechanism reform after 2013 in which policy-makers＇endeavours to enhance market discipline for rating quality, and discussed the EU ＂s current regulatory approach of credit rating agencies. This analysis of the credit rating market regulatory mechanisms as presented in this paper, may also be considered to exemplify the legal and practical dilemma in the realm of European Legislative Reforms.