China's Interbank Bond Market Credit Rating Legal Issues Of Supervision

As a financial market intermediary service organizations, over the past half a century, credit rating agencies contribute to the capital market for all to see, it is seen as the bond market "gatekeepers" and the investors of the "patron saint." However, the outbreak of the financial crisis, and credit rating agencies "boost" behavior are closely related. Thus, the regulation of credit rating agencies has been widespread national attention and has been included in the G20 finance summit declaration. China's credit rating industry still in its infancy, there are many corresponding lack of supervision. As China's interbank bond market growing, the market demand for credit ratings increasing number of regulatory deficiencies highlighted the problems brought about has begun. Therefore, the strengthening of credit rating agencies and institutional construction of supervision of credit rating agencies, especially the self-regulation is particularly important.Based on the bond credit rating of the relevant definition of the concept, from the basic theory of regulation from the regulatory philosophy, the regulatory system, supervision system, the study of China's interbank bond market situation and credit rating regulation deficiencies, on the bond credit self-regulatory ratings were proof of the legitimacy and feasibility of the international credit rating on the bonds of developed countries were compared with control reference, made of China's bond credit rating system, supervisory system and associated sound advice.Define the scope of this paper will examine the inter-bank bond market; will be defined as non-financial enterprises credit rating bond credit rating, including debt and corporate credit ratings of the main credit rating; will be defined as a broad regulatory control, including government regulation and industry self-regulatory associations .This article is divided into introduction, body and conclusion of three parts, of which the text is divided into four chapters.The first chapter, the main credit rating on bond supervision of the basic theory are discussed. First of all, introduced the development of inter-bank bond market and bond market and the exchanges were compared, and second, define the bond credit rating and analysis of its features and functions introduced regulatory theory.The second chapter, from the credit rating industry in China's emergence and development proceed from the regulatory philosophy, system and supervision system point of view of the regulation of credit rating status and deficiencies.The third chapter, by examining the bond market more developed countries, such as the United States, European Union and other country's legislation and practice, its comparative study, from which summarized the regulation of China's bond credit rating can learn from.Chapter IV, by the foregoing discussion of the concept from the regulation, supervision system and supervision system point of view on China's interbank bond market supervision proposed by the relevant credit rating improvement recommendations.