The Civil Liability Regime of the CRA-Regulation and the Requirement of Causation
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
17 Pages Posted: 10 Jan 2015
Date Written: January 9, 2015
The CRA III-Regulation introduces a new civil liability regime (Article 35a) for credit rating agencies that have infringed certain provisions of the CRA-Regulation and thereby caused an issuer or an investor to incur a loss. However, this civil liability regime is not all-encompassing; since inter alia issues of causation and negligence will be governed by each Member State’s national law. This article thus focuses on the relationship between Article 35a’s civil liability regime and national law when it comes to matters relating to the requirement of causation. By using hypothetical examples, the application of the requirement of causation, including questions relating to burden of proof and standard of proof, are discussed and analyzed.
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