designation, then an agency can seek to designation by submitting applications to SEC with the new laws (Hill, 2012).
为了提高评级质量、投资者保护以及信用评级市场的透明度、问责制和竞争性，颁布了《改革法案》。本篇paper例举在美国，针对CRA的修正案包括2006年的CRA改革法案。该法案增加了NRSRI的数量，这导致CRA之间的竞争加剧，如果在指定过程中没有行动书程序，那么机构可以通过向美国证券交易委员会提交新法律的申请来寻求指定。
the new regulations further demand that NRSRIs are to provide their procedures and methodology in which they use to in rating, provide the SEC with information regarding quality of information, accuracy and reliability, including the information from the third parts used in rating the issuance, the NRSRO was to have board of director who is independent as they give internal control which implements, maintains and enforce the policies, methodologies, and procedures of credit rating.
新法规进一步要求NRSRI提供其用于评级的程序和方法，向美国证券交易委员会提供有关信息质量、准确性和可靠性的信息，包括用于评级发行的第三方信息，NRSRO的董事会是独立的，因为他们提供内部控制，实施、维护和执行信用评级的政策、方法和程序。
Right of action against ratings agencies can also be brought by the investors regarding the reckless failure to conduct a reasonable investigation of the fact or use of independent source to gain information. Qualifying exams and continuous education were enacted, and it was mandatory for the analyst to do and pass the exams.
投资者也可以因鲁莽地未能对事实进行合理调查或利用独立来源获取信息而对评级机构提起诉讼。制定了资格考试和继续教育，分析师必须参加并通过考试。
Other international agencies also such as the European Union also stipulated some of the rules for the rating agencies. The new rule seeks to reduce overreliance on credit rating, which specifically was dependent on the external rating but instead, financial institutions were to strengthen their risk assessment programs. The credit rating companies were to be more accountable for their activities in case there was intentionally or due to the negligence of other regulations.
其他国际机构，如欧盟，也为评级机构规定了一些规则。新规定旨在减少对信用评级的过度依赖，特别是对外部评级的依赖，但金融机构必须加强其风险评估计划。信用评级公司将对其活动承担更多责任，以防故意或由于疏忽其他法规。
Conclusion 结论
The credit rating agency is important organs for the investor to base the decision in their rating as it gives the picture of the creditworthiness of the issuer. The investor can determine more accurately the returns from the investment and the risk involved in a particular investment plan. Financial institutions also can use the report from this agency to reduce the possibilities of high loan defaulters in their operation. However due to poor historical misconduct of some of the agencies and numerous disadvantages associated with such agencies companies have made losses and recesses as well. In line with this US government together other-other international bodies enacted laws and regulations to that strict governance the agencies and its operation by majorly making reference to mortgage-back securities.
References 参考文献
Hill, C. A. (2012). Regulating the rating agencies. Wash. ULQ, 82, 43.
Kisgen, D. J., & Strahan, P. E. (2010). Do regulations based on credit ratings affect a firm’s cost of capital?. Review of Financial Studies, hhq077.
Langohr, H., & Langohr, P. (2010). The rating agencies and their credit ratings: what they are, how they work, and why they are relevant (Vol. 510). John Wiley & Sons.
Mulligan, C. M. (2009). From AAA to F: How the credit rating agencies failed America and What can be done to protect investors. BCL Rev., 50, 1275.
Pinto, A. R. (2006). Control and responsibility of credit rating agencies in the United States. The American Journal of Comparative Law, 54, 341-356.
White, L. J. (2010). Markets: The credit rating agencies. The Journal of Economic Perspectives, 24(2), 211-226.
本篇paper提出总结：信用评级机构是投资者在评级中做出决定的重要机构，因为它可以反映发行人的信用状况。投资者可以更准确地确定投资回报和特定投资计划中涉及的风险。金融机构也可以利用该机构的报告来减少其运营中高贷款违约者的可能性。然而，由于一些机构的不良历史不当行为以及与这些机构相关的许多不利因素，公司也出现了亏损和亏损。与美国政府一致，其他国际机构制定了严格管理机构及其运作的法律法规，主要参考了抵押贷款证券。本站提供各国各专业paper范文以及paper写作辅导，如有需要可咨询本平台。
