Odškodninska odgovornost bonitetnih agencij investitorjem

slovenian

2014

volume 40, issue 3/4

IUS SOFTWARE d.o.o.
(Obvezni izvod spletne publikacije)

Article discusses the issue of civil liability of credit rating agencies towards investors, who relied on the accurateness of credit ratings in their investment decisions and sustain losses as a consequence. Certain idiosyncrasies of modern financial markets and rating agencies' business model which influence the circumstances when it is possible to establish liability are laid out. Potential statutory grounds for civil liability of rating agencies are analyzed with respect to the USA, the European Union, Germany and Slovenia. Recent reforms of regulatory regimes in the US and the EU are discussed and evaluated, as is recent case law in the US, which is gradually starting to take into account the negative role of rating agencies in the global financial crisis. Upon the comparative review it may be ascertained that the current reforms, despite certain (systemic) shortcomings, present a relatively modest, yet welcome step towards greater possibilities for investors in enforcing their claims against rating agencies.

18.01.2017