Research On The Improvement Of Regulatory Legal System Of Our Country's Credit Rating

Credit rating agencies are supposed to be the "gatekeeper" of financial market,But whether it is the sub-prime crisis, the European debt crisis or the recent "11ultra-day debt" Event of Default has exposed the credit rating there are too many problems. The outbreak of the European debt crisis and its serious consequences tell that the credit crisis can spread to a country's political, economic and, in turn, affect the stability of the country. The credit crisis is the essence of the financial crisis. The reasons of emergence of the credit crisis have both inner "conflict of interest", there is also a lack of external legal supervision. Therefore, effective and perfect law regulation is essential. Scholars from various countries put the study of the regulation of credit rating into important issues, national regulatory authorities and international regulatory bodies develop and implement appropriate policies and regulations to regulate the credit rating system, strengthen supervision, prevent risks and ensure financial security. Regulatory measures they take are based on different backgrounds,reform ideas and motivation of different countries or regions, so they will produce different regulatory regimes. But the international context of the post-crisis era also makes the concept of credit rating regulatory reform legislation in some respects is the same. Different countries and regions in improving their own credit rating systems are also actively involved in building the international credit rating system, gearing up to win the international voice in the field of credit rating.On the basis of analysis of the development process and the evolution of the regulatory legislation of our country's credit rating, we can find its problems. Advanced systems of representatives of national and international organizations are certainly worthy of studying, as detailed information disclosure, strengthen the legal liability of the credit rating agencies, the establishment of a unified regulatory body, but blindly copy will be counterproductive. Our credit rating and regulatory systems are in a less mature stage,the legal systems of mature countries can not be directly applicable in our country,our system need to be based on our own characteristics. How to nurture the credit rating market, establish an effective regulatory system, and actively participate in building a new international credit rating system, build legal supervision regime, we have a long way to go. In addition, in the context of the ever-changing financial markets, in some new areas, such as internet financial, the sovereign rating and financial derivative products, we can accomplish a great deal to fight to obtain theright to speak in the international credit rating market.