The Supervision Research Of Our Credit Rating Agency's Legal Regime

In money market, information is extremely asymmetrical, the credit rating agency is displaying vital role as the important task of "the financial product quality testing".It's the indispensable Facilitating agency in the money market. Investor judges the financial risk according to the rating information which provided by rating agency, so the rating result has provided the important investment basis for the investor. In addition the financial product's fixed price was also to a great extent decided by the rating result height, the credit rating agency has therefore had extremely the strong trend financial words power in the money market. But present, because of this kind of words power being used improper, the rating agency has become the numerous question manufacturers and seriously influence money market order. Before the American loan crisis Erupted, the rating agency has gave the massive loan derivative product highest AAA rating, the investor has been suffered heavy loss because of the misleading. Finally the rating agency's male letter strength and the independence also therefore receive the serious question. Recently, the external credit rating agency's role received interrogates and tortures and censures again in European sovereignty debt crisis. German Premier Merkel and French President Sarkozy request jointly to launches the examination on the rating agency's way of government security appraisal and the announcement decision, appealed that adopts the severe method to control the adverse effect which produces to the money market by rating agency. While European Union meets head-on the sovereignty debt crisis, the public hearing about the loan crisis cause investigation by United States Congress also aggressively to carry on in the ocean other shore. The rating agency's responsibility in crisis is investigation key one. Strengthens to the rating agency's accountability and the supervision is one of the important topics of advancement international finance system reform.In our country, credit rating industry began in the 1980s and until now has experienced more than 20 year. At present our country's credit rating agency total quantity increases unceasingly, the business scope expands unceasingly, the rating technology raises gradually, the rating result's utilization is also widespread day by day. But our country credit rating industry also has many problems, for example the rating agency scale is small, the market demand are few, the service operation is not standard, the rating quality is not high, the confidence level low status etc. The above question is related to our country credit rating industry's short development's time, but on basic is because of the credit rating's industry supervision policy and the system. Therefore, consummates our country current credit rating supervision system especially important. Specially under international finance crisis background, appeared to the credit rating's industry supervision research has the practical significance. But our country credit rating's industry supervision question had not obtained the educational world enough attention. This article relies on a brief introduction about overseas major countries credit rating supervision system and the key point is a elaboration on the various countries' credit rating supervision reform after loan crisis. At the same time our country credit rating supervision system's development process and the existence question has also been analyzed concentrated. In addition, this article also discusses the consummate of our country's credit rating organization supervision legal framework and proposes individual view about how to strengthen the supervision of our country's credit rating agency under the international background of the financial crisis afterheat has not drawn back.This article structure arrangement is as follows:the first part carries on the introduction to the credit rating and the supervision elementary theory, including the connotation,the extension and the function of credit rating, and has made the summary analysis to the credit rating supervision's content and the supervision necessity. The second part focuses in the analysis question and introduces the related credit rating supervision legal regime of American, European Union and Japan briefly and separately. This part takes the loan crisis as a breakthrough point, compares supervision plan about various countries around the loan crisis, thus provides the experience enlightenment which may supply reference to our country's credit rating supervision consummation. The third part introduces the present situation of our country credit rating supervision. This part has analyzed the present situation and the existence question of our country credit rating supervision from the credit rating supervision legislation, the pattern choice, the market access, the service behavior, the legal liability and so on. Thus in the foundation of question proposed, consummates for the following credit rating supervision suggested. The fourth part which is also this article last part is to solve the problem from the analysis question, in view of the question proposed, proposes the concrete solution separately about the for our country credit rating supervision legal regime.