非传统信用评级业务的法律争议与监管回应

On the Legal Disputes Regarding Other CRA Products and the Regulatory Responses

信用评级机构以红旗标志标识上市公司风险的研究报告引发市场强烈反应,并遭到香港证券监管部门的严厉处罚。信用评级机构认为研究报告不属于应受监管的信用评级业务,并主张自由表达意见的权利,但最终被香港终审法院驳回。信用评级机构业务类型日趋多元化,但包括研究报告在内的非传统信用评级业务在世界范围内仍缺乏统一的界定方式与明确的监管规则。在我国债券市场持续深化发展过程中,尤其是在金融对外开放背景下,我国应重视非传统信用评级业务的监管问题,合理借鉴国际经验,完善监管制度,有效把握监管尺度。

The act of marking the risks of listed companies by red flags in the research reports of credit rating agencies triggers strong reaction of the market and the credit rating agencies get harsh punishment by the securities regulatory authorities in Hong Kong.These agencies argue that their research reports do not belong to the type of credit rating businesses that should be regulated,and ask for the right of freedom of speech,which is finally rejected by the Hong Kong Court of Final Appeal.Though the business types of credit rating agencies become increasingly diverse,there is a lack of unified defining methods and clear regulatory rules worldwide for other CRA products including research reports.China should pay due attention to the regulation of non-traditional credit rating businesses,actively learn from the international experience,improve regulation system,and effectively grasp the regulatory standard in the process of continually deepening development of its bond market and in the context of financial opening-up.