| Entering the 21 st century,my country’s asset securitization market began its nascent stage,and showed a rapid development trend in the next few years.Although it has experienced the low period of the financial crisis,its momentum has become stronger after the recovery.In this long cycle,my country’s credit rating agencies have been steadily moving forward in their rating business in the field of asset securitization,summarizing relevant domestic practical experience,absorbing relatively mature experience from outside the region,formulating a rating method and process that is more suitable for my country’s market conditions,and achieving good achievement.However,due to the implementation of separate supervision in my country’s financial sector,asset securitization has also developed into a state of classified supervision,and four major types of asset securitization have emerged.These four major types of asset securitization authorities have formulated many normative documents that include credit rating agencies and their business activities in accordance with their powers.Among these provisions,there are problems such as vague expressions of credit rating market access,conflicts in credit rating business behavior regulations,insufficient credit rating responsibility rules,and gaps in the credit rating industry insurance system.The existence of these problems will further lead to the reality of the monopoly of the credit rating market,the anomie of credit rating business behavior,the evasion of responsibility by credit rating agencies,and the lack of guarantees for the development of the credit rating industry.After the subprime mortgage crisis broke out,the US Securities and Exchange Commission took the lead in investigating the three major rating agencies and timely revising the credit rating-related systems.After that,the United States passed the Dodd Act,which includes the regulatory reform of credit rating agencies,in July 2010.In August 2014,the US Securities and Exchange Commission revised the existing rules again and passed the "NRSROs Final Rules" to further strengthen the supervision of credit rating agencies.At the same time,in response to the subprime mortgage crisis,the European Union has also begun to formulate and modify the credit rating system,and successively issued CRA I,CRA II,and CRA III in 2009,2011 and 2013.Combining with my country’s actual conditions,and drawing on the general provisions of credit ratings and special provisions in the field of asset securitization in the aforementioned US and EU systems,the author puts forward suggestions on the system improvement of credit rating market access,credit rating business behavior and credit rating responsibility in the field of asset securitization in my country,as well as the construction of an insurance system for the credit rating industry. |
