Jump to ContentJump to Main Navigation
Credit Rating Agencies on the Watch ListAnalysis of European Regulation$
Users without a subscription are not able to see the full content.

Raquel García Alcubilla and Javier Ruiz del Pozo

Print publication date: 2012

Print ISBN-13: 9780199608867

Published to Oxford Scholarship Online: May 2012

DOI: 10.1093/acprof:oso/9780199608867.001.0001

Show Summary Details
Page of

PRINTED FROM OXFORD SCHOLARSHIP ONLINE (oxford.universitypressscholarship.com). (c) Copyright Oxford University Press, 2021. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in OSO for personal use. date: 20 January 2021

Analysis of the EU Credit Rating Agencies Regulation

Analysis of the EU Credit Rating Agencies Regulation

(p.47) 3 Analysis of the EU Credit Rating Agencies Regulation
Credit Rating Agencies on the Watch List

Garcia Alcubilla

Ruiz del Pozo

Oxford University Press

Due to the financial crisis, a new European System of Financial Supervisors including a new authority, ESMA, in charge of the oversight of rating agencies, was established. The chapter presents an overview of this new financial architecture and provides an in-depth analysis of the European Regulation on rating agencies. It explains the regulatory use of ratings in the EU, analysing the ECAI recognition process of the Capital Requirements Directive, which implements the Basel framework. It also examines the registration process and the supervision and enforcement framework, and ESMA’s sanctioning powers. Finally, the chapter analyses in detail the requirements to enhance agencies’ governance, to manage conflicts of interest, to improve the processes to develop and review methodologies and models, and to increase disclosures on individual ratings and on transparency of agencies’ activities. The Regulation is examined in light of all relevant guidance from ESMA, IOSCO, and other supervisors, related EU legislation, and SEC’s rules.

Keywords:   ESMA, External Credit Assessment Institution (ECAI), credit scores, watch, unsolicited rating, methodology, governance, conflicts of interest, model assumptions, downgrade

Oxford Scholarship Online requires a subscription or purchase to access the full text of books within the service. Public users can however freely search the site and view the abstracts and keywords for each book and chapter.

Please, subscribe or login to access full text content.

If you think you should have access to this title, please contact your librarian.

To troubleshoot, please check our FAQs , and if you can't find the answer there, please contact us .