2011年11月21日月曜日

格付け会社 規制強化案

格付け会社への規制強化案が発表された。
 欧州委員会は、国や企業の格付けの変更についてESMAへの報告を義務
付けることを柱とする格付け会社の規制強化案を発表した。
 欧州財政危機が進行する中、格付け会社の活動に一定の制限を加え、
市場の安定を図る狙いとみられる。

規制強化案
・格付け会社と格付けを受ける企業の癒着を防ぐため、格付けの発注
 企業に対し、3年ごとに格付け会社を変更するよう義務付ける。
・規制強化案は欧州議会での審議を経て法制化される見通し。

多くの格付け会社がサブプライムローン詐欺に加担し、ポルトガル、
アイルランド、ギリシャ等の財政債務を悪化させた。最近では、S&Pが
仏国債格下げするとの誤報を流した。

自由経済を進めてきたEUだが、財政難により、規制を強化し、社会主義
の道を進め始めた。
バブルがはじけて、規制が多くなった日本を見て、社会主義国と批判し
た人もいたが、日本よりも規制が強化されそうなEU。
次は、ソ連を目指すのか。

債務不履行競争
FSB つぶさない銀行を発表


The EU targets rating agencies euronews


---格付け会社の規制強化へ EU、財政危機で新対策---
2011/11/16
http://www.chugoku-np.co.jp/News/Sp201111160140.html

 【ロンドン共同】欧州連合(EU)の行政執行機関、欧州委員会は15日、国や企業の格付けの変更について欧州証券市場監督局(ESMA)への報告を義務付けることを柱とする格付け会社の規制強化案を発表した。
 欧州財政危機が進行する中、格付け会社の活動に一定の制限を加え、市場の安定を図る狙いとみられる。
 格付け会社と格付けを受ける企業の癒着を防ぐため、格付けの発注企業に対し、3年ごとに格付け会社を変更するよう義務付ける。規制強化案は欧州議会での審議を経て法制化される見通し。
 格付け会社をめぐっては、住宅ローン担保証券などに最上位の格付けを付与し、金融危機の原因になったとの指摘がある。今月10日には米大手のスタンダード・アンド・プアーズ(S&P)が、フランス国債を格下げするとの誤った情報を間違って流し、規制を求める声が一層高まっていた。
 規制強化案を取りまとめたバルニエ欧州委員は15日、「格付け会社は過去に深刻な間違いを犯しており、格付け会社に市場をさらに混乱させてはならない」と強調した。
 財政支援を受けている国に対する格付け変更を制限することも検討されたが、英国などから異論が相次ぎ見送られた。


---EU targets credit rating agencies---
15 November 2011 Last updated at 13:57 GMT
http://www.bbc.co.uk/news/business-15739234

The European Commission has put forward stricter rules for the credit rating agencies that rank countries' and companies' debt.

It says the agencies, including Standard & Poor's, Moody's and Fitch, should follow stricter rules, be more transparent about their ratings and be held accountable for their mistakes.

Agencies' reports help investors to judge borrowers' creditworthiness.

Downgrades from them can provoke higher interest rates for weaker borrowers.

The EC internal market commissioner, Michel Barnier, said the agencies, which are privately owned by investors, had a serious and widespread effect on individuals.

"Ratings have a direct impact on the markets and the wider economy and thus on the prosperity of European citizens," he said. "They are not just simple opinions."

He also said they were not infallible in their assessments and had made "serious mistakes" in the past.
Continue reading the main story
“Start Quote

We can't let ratings increase market volatility further”

Michel Barnier EC internal market commissioner

Standard & Poor's last week accidentally issued a notice it had downgraded France's rating - a move that had been rumoured for some time, but which was a mistake blamed by Standard & Poor's on a technical error.

Many blame the agencies for triggering the financial crisis, which began in 2008 after they gave top grades to complicated packaged debt which included sub-prime mortgages.
'Disruptive'

Downgrades of a country's credit ratings over the course of the eurozone crisis has led to huge changes in borrowing costs for some countries, including Greece, the Irish Republic and Portugal.

Mr Barnier said some of these credit rating changes had been highly disruptive: "I have also been surprised by the timings of some sovereign ratings - for example, ratings announced in the middle of negotiations on an international aid programme for a country.

"We can't let ratings increase market volatility further."

He said any agency that "infringes, intentionally or with gross negligence, the CRA [Credit Rating Agency] regulation, thereby causing damage to an investor having relied on the rating", should have the case taken to the courts.

He said one of the Commission's aims was to reduce the over-reliance on ratings, while at the same time improving the quality of the rating process.
'Stricter rules'

At present, a country or company that wants to borrow money by issuing a bond, or IOU, will pay a credit rating agency to rank it, with AAA being the top rating given, and "junk" the lowest.

A low rating means lenders will want a higher interest payment from the borrower to make up for the risk of default.

"Credit rating agencies should follow stricter rules, be more transparent about their ratings and be held accountable for their mistakes. I also want to see increased competition in this sector," said Mr Barnier.

This would include introducing a general obligation for investors to do their own assessment.

He called for agencies to communicate their ratings to the European Securities and Markets Authority (ESMA), which would then be published, and for any changes to a rating to be released outside of European trading hours in order to reduce market turmoil.

The proposals will pass to the European Parliament and the Council (member states) for negotiation and adoption.

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