Research On Supervisory Regime And Coordination Mechanism Of Credit Rating Regulation In China Bond Markets

The development of credit rating industry depends on the development of bond market,and the same goes for their supervision system.After more than two decades of development,credit rating industry has formed a sustainable industry pattern,and the framework of the People's Bank of China being the competent department has been established by and large.Because of bond market segmentation,every bond market has its own regulatory authority.In this situation,as a credit rating agency does its business in different market,it will be supervised by different regulatory authority,which causes the multiple regulation in credit ratings.The multiple regulation in credit rating causes many problems to be solved.This paper analyzes problems caused by multiple regulation by sorting out the legal system framework of credit rating supervision and researching regulatory action of regulatory authorities.The supervision problems consist of inappropriate supervisory regime,the absence of coordination mechanism,and the weak self-regulation.Some developed countries and regions have accumulated rich experience in surveillance of credit rating agencies.Supervisory regime and coordination mechanism of developed countries and regions represented by America and European Commission are mainly described,for finding a way to improve the regulatory systems for credit rating.Also,studying the experience of India whose supervision system is similar with China,for giving a valuable source of reference in coordination mechanism.Meanwhile,analyzing constraints of designing supervisory regime and coordination mechanism of credit rating regulation in China,and examining the present situation and trends of these constraints.On this basis,proposing solutions to problems caused by multiple regulation.This paper consists of five parts.The first part is to introduce the process of Markets multiple regulation's formation,and sort out the legal system framework of credit rating supervision.The second part analyzes the problems caused by multiple regulation.The third part introduces the experience of credit rating regulation from abroad.Selecting America,European Commission and India as samples,and studying their supervisory regime and coordination mechanism to get some inspirations.The forth part analyzes constraints of designing supervisory regime and coordination mechanism of credit rating regulation in China,and examining the present situation and trends of these constraints.The fifth part puts forward suggestions to improve the supervisory regime,coordination mechanism and self-regulation,based on the foregoing analysis and discussion.