Civil Liability of Credit Rating Agencies from a European Perspective: Development and Contents of Art 35(a) of Regulation (EU) No 462/2013

Special Issue of International and Comparative Corporate Law Journal, on Civil Liability of Credit Rating Agencies in the European Union - Selected Legal and Economic Aspects, edited by Gudula Deipenbrock and Mads Andenas, Forthcoming

University of Oslo Faculty of Law Research Paper No. 2015-05

21 Pages Posted: 10 Jan 2015

See all articles by Francesco De Pascalis

Francesco De Pascalis

University of London; University of Zurich

Date Written: January 8, 2015

Abstract

The set up of a civil liability regime for Credit Rating Agencies (CRAs) is one of the most noteworthy aspects of the new European legislation on CRAs. The purpose of this paper is to analyse the European civil liability regime for CRAs set out in Article 35(a) of Regulation (EU) No 462/2013. In doing so, it will examine the reservations that the major CRAs shared about the establishment of such a regime vis-à-vis the specific framework built up by the European Institutions through Article 35(a).

Taking stock of the evolutionary stages which led to the final draft of Article 35(a), this paper aims to understand: 1) why a common civil liability regime for CRAs was needed in the EU; 2) who benefits from this; and 3) whether the concerns initially expressed by the agencies are still valid in light of the framework resulting from the trilogue between the European Institutions.

Suggested Citation

De Pascalis, Francesco, Civil Liability of Credit Rating Agencies from a European Perspective: Development and Contents of Art 35(a) of Regulation (EU) No 462/2013 (January 8, 2015). Special Issue of International and Comparative Corporate Law Journal, on Civil Liability of Credit Rating Agencies in the European Union - Selected Legal and Economic Aspects, edited by Gudula Deipenbrock and Mads Andenas, Forthcoming ; University of Oslo Faculty of Law Research Paper No. 2015-05. Available at SSRN: https://ssrn.com/abstract=2546756

Francesco De Pascalis (Contact Author)

University of London ( email )

Senate House
Malet Street
London, WC1E 7HU
United Kingdom

University of Zurich

Rämistrasse 71
Zürich, CH-8006
Switzerland

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