Comments on Securities and Exchange Commission Re-Proposed Rules for Nationally Recognized Statistical Rating Organizations
Comments on Securities and Exchange Commission Re-Proposed Rules for Nationally Recognized Statistical Rating Organizations
复制标题
对美国证券交易委员会重新提出的国家认可统计评级机构规则的评论
DOI：
10.2139/ssrn.1369308
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发表时间：
2009
期刊：
影响因子：
--
通讯作者：
Y. Jararweh
中科院分区：
文献类型：
--
作者：
M. Shehab;Omar Badarneh;M. Al;Y. Jararweh
SEC建议要求评级机构以公开可访问的格式披露其100%的评级行动，这是朝着正确方向迈出的一步，特别是考虑到主要评级机构声称，他们的发行人付费业务模式是合理的，理由是它有利于公众获得评级。欧盟委员会应考虑采取进一步措施，包括(1)减少依赖评级的监管--它采纳了这一提议，但显然已提交或放弃；(2)直接要求评级机构对其评级质量负责的制度；以及(3)发行人付费商业模式的替代方案。尽管正如主要评级机构所声称的那样，发行者付费带来的冲突可能是可以有效管理的，但如果欧盟委员会不对这种商业模式的利弊进行严格而详细的分析，那将是不负责任的，因为它拥有彻底禁止这种商业模式的法定权力。
The SEC's proposal that rating agencies be required to disclose 100% of their ratings actions in a publicly accessible format is a step in the right direction, especially in light of the dominant rating agencies' claims that their issuer-pays business model is justified on the ground that it facilitates public availability of ratings. The Commission should consider further steps, including (1) reduction of rating-dependent regulation - a proposal it took up and has apparently tabled or abandoned; (2) a regime that directly hold rating agencies accountable for their rating quality; and (3) alternatives to the issuer-pays business model. Although it may be the case that conflicts presented by issuer-pays can be managed effectively, as the dominant rating agencies claim, it would be irresponsible for the Commission not to engage in a rigorous and detailed analysis of the pros and cons of this business model, which it possesses the statutory authority to ban outright.