| Credit rating is an"economic stick"in order to reduce the risk of asymmetric information and system risk when the investors into the stock market. It not only balances the supply and demand information of the funds both, but also improve the efficiency of securities regulation, and plays a crucial role in the development of the stock market. However, on the one hand, credit rating agencies naturally win the public trust in its unreserved, on the other hand the properties of this particular agency, but also openly to avoid a lot of legal responsibility. After the U.S. subprime mortgage crisis, credit rating agencies have become the most one of the "target of public criticism." As China's securities industry has just begun, must immediately begin to study how to identify problems from the crisis,particularly the regulatory and legislative deficiencies and vulnerabilities of credit rating agencies.Firstly, by analyzing the concept of credit rating agencies of asset securitization context, revealing credit-rating's importance of the process of asset securitization, analyzing the role of credit rating agencies in the sub-prime crisis, This paper argues that it provides the rating services is indeed problematic. Secondly, by comparing the domestic and international credit rating agency regulatory regime, summarized the development process of the existing regulatory system and problems, and proposed regulatory system in China should take to strengthen the regulation and safeguarding the sovereignty of development path. Finally, in order to sound legal system, the paper proposes to establish a unified legal system of credit rating, modify existing laws and regulations to reduce legal conflicts, and unified regulatory. Emphasis should be strengthened in the legislation for civil damages in the credit rating agency's application of legal accountability. It can also draw on the economic-law's basical rules to ensure competitiveness of the industry. |
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