Assessing the proposed third EU regulation on credit rating agencies

In November 2011 the Commission proposed a third Regulation on Credit Rating Agencies (CRA3), following the adoption of two previous texts in 2009 and 2011 respectively. This session aimed at shedding light on the corresponding regulatory debate by focusing on the perspectives of the investors, issuers, prudential supervisors, and other market participants which may be affected by the outcome.

Speakers

Michael Taylor joined the Financial Stability Board in 2011. He previously held senior positions at the Bank of England, International Monetary Fund, Hong Kong Monetary Authority, and Central Bank of Bahrain. He holds a PhD in economics from Oxford University and is author of the influential “Twin Peaks” paper (CSFI London, 1995), and of a textbook on Global Bank Regulation (2010).

Norbert Kuhn is a stock exchange and capital markets expert at Deutsches Aktieninstitut, a nonprofit organization that promotes Germany as a financial center and encourages equity investment and financing, which he joined in 2006. He holds a PhD in economics from Philipps University Marburg.

The discussion was moderated by Nicolas Véron, Senior Fellow at Bruegel and Visiting Fellow at the Peterson Institute for International Economics.

Download the presentations of this event

- Assessing the proposed third EU regulation on credit rating agencies – The issuers’ view by Jan Bremer FILE

- The FSB’s principles for reducing reliance on CRA ratings by Michael W. Taylor FILE