A Critical Analysis of the Recent Russian Regulation On Credit Rating Agencies

4(2) Russian Law Journal 62-82 (2016).

21 Pages Posted: 24 May 2016

Date Written: May 23, 2016

Abstract

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. Whether their methodological tools and evaluations have been up to standard is in question. As is well-known, CRAs are multinational enterprises that operate on a global basis. Their evaluations may well hinder the stability of international markets. As a legal response to the many concerns raised about CRAs, different approaches have been applied to the use of credit ratings in the US and EU with many similarities. In this international scenario, the government of the Russian Federation also recently introduced a new regulation on CRAs, drafted on the lines of the European regulation. This short paper is targeted to inform the reader of certain aspects of the newly approved regulation in Russia and to examine – in a comparative way – whether the introduced rules match the expectations behind the initiatives of the Russian government.

Keywords: CRAs; rating; issuer-pays conflict; rating shopping; financial regulation; liability of intermediaries; competition

Suggested Citation

Sasso, Lorenzo, A Critical Analysis of the Recent Russian Regulation On Credit Rating Agencies (May 23, 2016). 4(2) Russian Law Journal 62-82 (2016)., Available at SSRN: https://ssrn.com/abstract=2783256

Lorenzo Sasso (Contact Author)

MGIMO University ( email )

Prospekt Vernadskogo, 76
Moscow, 119454
Russia

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