In the aftermath of the financial crisis, credit rating agencies (CRAs) have come under open criticism in the public and legal discourse. The picture that has broken the surface is one in which CRAs ended up compromising the quality of their activities in order to facilitate the selling of services and snatch or defend market shares in a thriving environment. Nevertheless, in the U.S. and in Europe, CRAs still are almost immune from any form of civil liability, and the regulatory approaches still content themselves with focusing on the use of the same administrative tools that have so far proved to be largely ineffective. All this explains why the debate has started questioning the reasonableness of keeping the private for-profit nature of the agencies, instead of straightforwardly transforming them into public bodies. But the answer about the optimal nature of, and the most appropriate deterrence model for the agencies may only come from considering a different perspective, which puts in place, not a national/regional plan aimed to fence off local misbehavior, but a global strategy to ensure worldwide appropriate accountability for CRAs. In this direction, the issue can be tackled under either a centralized-political, or a decentralized-judicial point of view.
Contents
- Advances Article
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Requires Authentication UnlicensedCredit Rating Agencies' Accountability: Short Notes on a Global IssueLicensedJanuary 11, 2010
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Requires Authentication UnlicensedTowards a New Cosmopolitanism: Global Reflexive Interactive Democracy as a New Mechanism for Civil Society Participation in Agri-food GovernanceLicensedJanuary 13, 2010
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Requires Authentication UnlicensedA New European Model of Legal Education as One of the Institutional Elements of the New European Common LawLicensedJanuary 26, 2010
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Requires Authentication UnlicensedWhen Accountability Meets Judicial Independence: A Case Study of the Colombian Constitutional Court's NominationsLicensedJanuary 26, 2010
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Requires Authentication UnlicensedConstitutionalism as a Peaceful "Site" of Religious StrugglesLicensedJanuary 26, 2010
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Requires Authentication UnlicensedThe International Legal Personality of Multinational Enterprises: Treaty, Custom and the Governance GapLicensedFebruary 1, 2010
- Topics Article
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Requires Authentication UnlicensedDebate on Methodology of Renewing Muslim Law: A Search for a Synthetic ApproachLicensedJanuary 26, 2010
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Requires Authentication UnlicensedWhat Sort of a Right is the Right of Secession?LicensedJanuary 26, 2010
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Requires Authentication UnlicensedData Protection and Insurance: The Limits on the Collection and Use of Personal Data on Insurance Contracts in EU LawLicensedJanuary 26, 2010