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n Tydskrif vir die Suid-Afrikaanse Reg - Regulating credit rating agencies - the new United States and European Union law - important steps or much ado about nothing?

Volume 2009, Issue 4
  • ISSN : 0257-7747
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Abstract

An agenda of stricter regulation of the financial sector was asserted by federal chancellor Merkel and French president Sarkozy at the recent G20 summit in London. By some, this was celebrated as a historic date, whereas others remained more sceptical, as general resolutions are no substitute for a concrete legislative framework. What this view fails to realise, however, is that in recent months the regulation of credit rating agencies has been comprehensively improved. This development is of particular importance because the legislature is now acting quickly and is no longer leaving it to private organisations to set their own standards. The new regulatory frameworks at the international, United States and European levels exceed the scope of their predecessors. Are these new legislative regimes the long hoped for corner-stones of a new financial market architecture, or are we simply dealing with a matter of legislative activism?


In hierdie artikel bespreek die outeur verskillende oorsake van die huidige finansiële krisis en in die besonder die gestruktureerde finansiële produkte (die sogenaamde besmette papiere) wat weens hul uitstaande graderings deur meerdere banke en ander finansiële instellings wêreldwyd vir beleggingsdoeleindes aangekoop is. Intussen word markdeelnemers nie langer toegelaat om self hul eie maatstawwe en standaarde te stel nie en word die toepaslike mark veel strenger as vantevore gereguleer. Die onlangse regulerende voorskrifte van toepassing op die sogenaamde graderingsinstansies bied 'n voorbeeld van hoe die Amerikaanse en die Europese wetgewers poog om meer effektiewe beheer oor die aspek van dié finansiële mark uit te oefen. Die outeur kom tot die gevolgtrekking dat die voorlopige resultate uiteenlopend is en geen eenvormige suksesverhaal is nie.

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/content/ju_tsar/2009/4/EJC55279
2009-01-01
2016-12-10

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