安徽大学学报：哲学社会科学版
安徽大學學報：哲學社會科學版
안휘대학학보：철학사회과학판
Journal of Anhui University(Philosophy & Social Sciences)
2015年
2期
105~113
,共null页
信用评级机构 责任 宪法第一修正案 《多德弗兰克法案》
信用評級機構 責任 憲法第一脩正案 《多德弗蘭剋法案》
신용평급궤구 책임 헌법제일수정안 《다덕불란극법안》
credit rating agencies; liabilities; the First Amendment to American Constitution; the Dodd-Frank Act
长期以来,宪法第一修正案为美国信用评级机构提供了强有力的保护,使其免于承担专家责任.金融危机的爆发促使美国重新审视宪法第一修正案对信用评级机构的保护.信用评级机构能否适用实际恶意标准、评级能否作为商业言论获得宪法第一修正案的保护,都需要综合考虑多方面因素.作为改变评级行业现状的重要举措,《多德弗兰克法案》取消了对信用评级机构的责任豁免,并降低了反欺诈责任的起诉标准,旨在鼓励投资人通过起诉参与到评级监管当中,然而收效甚微.我国信用评级行业发展较晚,美国信用评级机构法律责任制度的经验教训对我国具有重要的借鉴意义.
長期以來,憲法第一脩正案為美國信用評級機構提供瞭彊有力的保護,使其免于承擔專傢責任.金融危機的爆髮促使美國重新審視憲法第一脩正案對信用評級機構的保護.信用評級機構能否適用實際噁意標準、評級能否作為商業言論穫得憲法第一脩正案的保護,都需要綜閤攷慮多方麵因素.作為改變評級行業現狀的重要舉措,《多德弗蘭剋法案》取消瞭對信用評級機構的責任豁免,併降低瞭反欺詐責任的起訴標準,旨在鼓勵投資人通過起訴參與到評級鑑管噹中,然而收效甚微.我國信用評級行業髮展較晚,美國信用評級機構法律責任製度的經驗教訓對我國具有重要的藉鑒意義.
장기이래,헌법제일수정안위미국신용평급궤구제공료강유력적보호,사기면우승담전가책임.금융위궤적폭발촉사미국중신심시헌법제일수정안대신용평급궤구적보호.신용평급궤구능부괄용실제악의표준、평급능부작위상업언론획득헌법제일수정안적보호,도수요종합고필다방면인소.작위개변평급행업현상적중요거조,《다덕불란극법안》취소료대신용평급궤구적책임활면,병강저료반기사책임적기소표준,지재고려투자인통과기소삼여도평급감관당중,연이수효심미.아국신용평급행업발전교만,미국신용평급궤구법률책임제도적경험교훈대아국구유중요적차감의의.
For a long time, the First Amendment to American Constitution has provided strong protection for the U. S credit rating agencies against professional liability. Outbreak of the financial crisis prompted the United States to re-examine the First Amendment protection for credit rating agencies. It takes comprehensive consideration of various factors to decide whether credit rating agencies could apply the actual malice standard or obtain the First Amendment protection as commercial speech. As an important measure to change the status quo of the rating industry, Dodd-Frank Act cancels the liability exemption for credit rating agencies and lowers the standard of prosecution with the intention of encouraging investors to participate in the regulation of ratings, but with little effect. The rating industry started late in China, so the U. S legal liability system of rating agencies may provide important reference for US.
