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Rethinking regulation of credit rating agencies an institutional investor perspective

Rethinking regulation of credit rating agencies an institutional investor perspective

It offers an institutional investor perspective of the pros and cons of several proposals for redesigning credit rating agency regulation. It focuses on two areas of primary importance - oversight and accountability - and offers specific recommendations in both areas. It offers an institutional investor perspective of the pros and cons of several proposals for redesigning credit rating agency regulation. It focuses on two areas of primary importance - oversight Rethinking Regulation of Credit Rating Agencies: An Institutional Investor Perspective . Prepared by . Frank Partnoy . George E. Barrett Professor of Law and Finance . Director of the Center on Corporate and Securities Law . University of San Diego School of Law . for the Council of Institutional Investors* April 2009 Rethinking Regulation of Credit Rating Agencies: An Institutional Investor Perspective . Prepared by . Frank Partnoy . George E. Barrett Professor of Law and Finance . Director of the Center on Corporate and Securities Law . University of San Diego School of Law . for the Council of Institutional Investors* April 2009

Since the recent financial crisis of 2008, credit rating agencies (CRAs) have been under scrutiny for their role in the proliferation of structured finance products.

It offers an institutional investor perspective of the pros and cons of several proposals for redesigning credit rating agency regulation. It focuses on two areas of primary importance - oversight and accountability - and offers specific recommendations in both areas. It offers an institutional investor perspective of the pros and cons of several proposals for redesigning credit rating agency regulation. It focuses on two areas of primary importance - oversight Rethinking Regulation of Credit Rating Agencies: An Institutional Investor Perspective . Prepared by . Frank Partnoy . George E. Barrett Professor of Law and Finance . Director of the Center on Corporate and Securities Law . University of San Diego School of Law . for the Council of Institutional Investors* April 2009 Rethinking Regulation of Credit Rating Agencies: An Institutional Investor Perspective . Prepared by . Frank Partnoy . George E. Barrett Professor of Law and Finance . Director of the Center on Corporate and Securities Law . University of San Diego School of Law . for the Council of Institutional Investors* April 2009

Rethinking Regulation of Credit Rating Agencies: An Institutional Investor Perspective. Council of Institutional Investors, April 2009, San Diego Legal Studies Paper No. 09-014 Credit ratings, credit rating agencies, regulation, reform, Dodd-Frank Act, securities laws, oversight, accountability, liability, derivatives, structured finance

Frank Partnoy, Rethinking Regulation of Credit Rating Agencies: An Institutional Investor Perspective (working paper July 6, 2009) (discussing policy proposals to address this issue, including regulation of rating agency practices, increased disclosure of ratings of all types—rather than a random sample of issuer-paid ratings—reducing

Frank Partnoy is a Professor of Law at the University of California Berkeley School of Law. 2010 (with Lynn E. Turner) · Historical Perspectives on the Financial Crisis: Ivar Kreuger, the Credit Rating Agencies, and Two Theories about Rethinking Regulation of Credit Rating Agencies: An Institutional Investor Perspective, 

(2002); Frank Partnoy, Rethinking Regulation of Credit Rating Agencies: An Institutional Investor Perspective, 25 JIBLR 188, 189 (2010). 4 Harry McVea, Credit Rating Agencies, The Subprime Mortgage Debacle and Global Governance: The EU Strikes Back, 59 Int'L & Comp. L.Q 701, 706-707 (2010); Frank Partnoy, The Siskel and Ebert of Financial (2009). Rethinking Regulation of Credit Rating Agencies: An Institutional Investor Perspective, White Paper for the Council of Institutional Investors. (2008). Role of Credit Rating Agencies. ESME’s report to the European Commission. (2007). The Credit Rating Industry: Competition and Regulation. (2009). Abstract. The purpose of this paper is (1) to put the Regulation (EC) No 1060/2009 on Credit Rating Agencies (henceforth, CRA I) into historical perspective, including a comparison with the Dodd–Frank Act, and (2) to examine whether the CRA I Regulation effectively influenced the ratings issued by credit rating agencies in EU financial markets. Good morning. Thank you, Kristi, for the kind introduction and for the invitation to join you here today. I’m pleased to speak to you about the work that the SEC’s Office of Credit Ratings or “OCR” has been doing in an area of critical importance to the financial markets—that is, the regulation of credit rating agencies.

Rethinking Regulation of Credit Rating Agencies: An Institutional Investor Perspective . Prepared by . Frank Partnoy . George E. Barrett Professor of Law and Finance . Director of the Center on Corporate and Securities Law . University of San Diego School of Law . for the Council of Institutional Investors* April 2009

May 12, 2010 Frank Partnoy,“Rethinking Regulation of Credit Rating Agencies: An Institutional Investor Perspective,” Council of Institutional Investors, July 2009  153, 2010. Rethinking regulation of credit rating agencies: An institutional investor perspective. F Partnoy. Council of Institutional Investors, April, 09-014, 2009. Apr 26, 2013 SEC Regulation Under the Credit Rating Agency Reform Act of 2006 . financial institutions and investors, which in turn adversely impacted the health Therefore, from a practical perspective, the Proposals will result in a much “ Rethinking Regulation of Credit Rating Agencies: An Institutional Investor. Frank Partnoy is a Professor of Law at the University of California Berkeley School of Law. 2010 (with Lynn E. Turner) · Historical Perspectives on the Financial Crisis: Ivar Kreuger, the Credit Rating Agencies, and Two Theories about Rethinking Regulation of Credit Rating Agencies: An Institutional Investor Perspective,  Concerning credit rating agencies, it is important to understand the role that such and maintenance of capital in the public bonds market, in view of the high risk Rethinking Regulation of Credit Rating Agencies: An Institutional Investor 

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