Kreditvärderingsinstitut - Minskat inflytande genom ökad reglering?
(2014) JURM02 20141Department of Law
- Abstract (Swedish)
- Uppsatsen behandlar i huvudsak kreditvärderingsinstitutens roll på de globala finansmarknaderna, regleringen av deras verksamhet samt hur lagstiftarens inkorporering av kreditbetyg har påverkat det finansiella systemet. Med gällande rättsläge presenterat, kulminerar uppsatsen i en analys av ändamålsenligheten av nuvarande lagstiftning.
Frågeställningens relevans följer av den kvasi-officiella ställning som kreditvärderingsinstituten intar på de globala finansmarknaderna. Att tilldela privata aktörer en sådan indirekt auktoritet genom hänvisningar till dess produkter i tvingande regelverk är mig veterligen unikt.
Regleringen har i stor utsträckning varit ”kris-driven”. Skandaler som Enron, Parmalat samt i synnerhet den senaste... (More) - Uppsatsen behandlar i huvudsak kreditvärderingsinstitutens roll på de globala finansmarknaderna, regleringen av deras verksamhet samt hur lagstiftarens inkorporering av kreditbetyg har påverkat det finansiella systemet. Med gällande rättsläge presenterat, kulminerar uppsatsen i en analys av ändamålsenligheten av nuvarande lagstiftning.
Frågeställningens relevans följer av den kvasi-officiella ställning som kreditvärderingsinstituten intar på de globala finansmarknaderna. Att tilldela privata aktörer en sådan indirekt auktoritet genom hänvisningar till dess produkter i tvingande regelverk är mig veterligen unikt.
Regleringen har i stor utsträckning varit ”kris-driven”. Skandaler som Enron, Parmalat samt i synnerhet den senaste finanskrisen har skapat en allmän opinion om att kreditvärderingsinstituten bör lyda under strikt reglering. Även om lagstiftningen knappast har beslutats utan digra konsekvensanalyser och andra förberedande rättsakter, har resultatet blivit att den inte uppnår sitt syfte. Målsättningen på EU-nivå är att motverka intressekonflikter, öka kvaliteten i kreditbetygen samt minska det mekaniska och slentrianmässiga förlitandet på kreditbetyg i investeringsbeslut. Min slutsats är att nuvarande reglering istället invaggar investerare i en falsk trygghet exempelvis genom förordningens införande av ett registreringsförfarande där kreditvärderingsinstituten tilldelas EU:s ”godkänd”-stämpel. Ett sådant upplägg utgör knappast ett incitament för investerare att vidta egen due diligence utan främjar snarare det mekaniska förlitandet. Trots det allmänna konsensus som råder om att kreditvärderingsinstituten inflytande måste begränsas genom avlägsnande av regulatoriska hänvisningar till kreditbetyg, har EU-kommissionen en vag målsättning satt till år 2020 i kombination med ett ständigt utökad regelverk. Jag anser att hänvisningarna måste avlägsnas omgående samt att den ökade regleringen sänder ut ett felaktigt budskap. Därför är en återgång till självreglering önskvärd. (Less) - Abstract
- The purpose of this thesis is to investigate the role of credit rating agencies in the global financial markets, the regulation of their business and how the incorporation of credit ratings into regulatory frameworks has affected the financial system. After presenting the current law, the thesis culminates in an analysis of the effectiveness of the current regulatory framework.
The relevance of the inquiry follows from the quasi-official position the credit rating agencies enjoy in the global financial markets. It is highly unusual to attribute this level of authority to privately held enterprises, through references to their products in constraining regulatory frameworks.
The evolution of the current regulations has largely been... (More) - The purpose of this thesis is to investigate the role of credit rating agencies in the global financial markets, the regulation of their business and how the incorporation of credit ratings into regulatory frameworks has affected the financial system. After presenting the current law, the thesis culminates in an analysis of the effectiveness of the current regulatory framework.
The relevance of the inquiry follows from the quasi-official position the credit rating agencies enjoy in the global financial markets. It is highly unusual to attribute this level of authority to privately held enterprises, through references to their products in constraining regulatory frameworks.
The evolution of the current regulations has largely been crisis driven. Scandals such as the ones involving Enron and Parmalat and particularly the latest financial crisis have created a public perception that credit rating agencies should be under strict regulatory supervision. The objective at the EU level is to reduce conflicts of interest, increase the quality of credit ratings and reduce the mechanical and perfunctory reliance on credit ratings when investment decisions are made. My conclusion is that the current regulations convey a false sense of security, for instance through the introduction of the registration process in which the credit rating agencies are given the EU's unofficial "stamp of approval". This structure hardly gives investors incentives to conduct their own due diligence, but rather encourages the mechanical reliance. The prevailing public consensus is to reduce the influence of the credit rating agencies, through the removal of references to credit ratings in the regulatory frameworks. Nonetheless, the European Commission has proceeded with caution and only set an objective to completely remove the references to credit rating agencies by 2020, at the same time as ever increasing volumes of regulations are implemented. I believe the references must be removed immediately, and that the increased regulation of the field is supporting the mistaken impression that the credit rating agencies have the regulators "stamp of approval". Thus, a return to self-regulation is desired. (Less)
Please use this url to cite or link to this publication:
http://lup.lub.lu.se/student-papers/record/4585998
- author
- Löndahl, Eva LU
- supervisor
- organization
- alternative title
- Credit Rating Agencies - Reduced reliance through increased regulation?
- course
- JURM02 20141
- year
- 2014
- type
- H3 - Professional qualifications (4 Years - )
- subject
- keywords
- Associationsrätt, EU-rätt, kreditvärderingar
- language
- Swedish
- id
- 4585998
- date added to LUP
- 2014-09-19 08:19:43
- date last changed
- 2014-09-19 08:19:43
@misc{4585998,
abstract = {{The purpose of this thesis is to investigate the role of credit rating agencies in the global financial markets, the regulation of their business and how the incorporation of credit ratings into regulatory frameworks has affected the financial system. After presenting the current law, the thesis culminates in an analysis of the effectiveness of the current regulatory framework.
The relevance of the inquiry follows from the quasi-official position the credit rating agencies enjoy in the global financial markets. It is highly unusual to attribute this level of authority to privately held enterprises, through references to their products in constraining regulatory frameworks.
The evolution of the current regulations has largely been crisis driven. Scandals such as the ones involving Enron and Parmalat and particularly the latest financial crisis have created a public perception that credit rating agencies should be under strict regulatory supervision. The objective at the EU level is to reduce conflicts of interest, increase the quality of credit ratings and reduce the mechanical and perfunctory reliance on credit ratings when investment decisions are made. My conclusion is that the current regulations convey a false sense of security, for instance through the introduction of the registration process in which the credit rating agencies are given the EU's unofficial "stamp of approval". This structure hardly gives investors incentives to conduct their own due diligence, but rather encourages the mechanical reliance. The prevailing public consensus is to reduce the influence of the credit rating agencies, through the removal of references to credit ratings in the regulatory frameworks. Nonetheless, the European Commission has proceeded with caution and only set an objective to completely remove the references to credit rating agencies by 2020, at the same time as ever increasing volumes of regulations are implemented. I believe the references must be removed immediately, and that the increased regulation of the field is supporting the mistaken impression that the credit rating agencies have the regulators "stamp of approval". Thus, a return to self-regulation is desired.}},
author = {{Löndahl, Eva}},
language = {{swe}},
note = {{Student Paper}},
title = {{Kreditvärderingsinstitut - Minskat inflytande genom ökad reglering?}},
year = {{2014}},
}