Interactions between regulatory realms: new administrative law and credit rating agencies in a globalized society

Abstract

This article examines European legislation and academic literature concerning the regulation of Credit Rating Agencies (CRAs) during times of crisis, focusing on the perspective of administrative law in global governance. To this end, it proposes a perspective that considers a communicative process to minimise negative consequences for society within the context of CRA regulatory activity. Existing regulations, reports from European, American, and international authorities, as well as relevant literature, are reviewed to understand how regulatory challenges are addressed in the era of globalization. A significant shift in regulatory focus is identified, with a move towards new governance models that recognise the private sector as a partner in a relationship of shared responsibilities following crises. The importance of considering new regulatory strategies to organise public and policy responsibilities more effectively is emphasised. While an analysis of deficiencies in CRA regulation during crises is provided, the aim is not to offer a comprehensive analysis of regulatory evolution to date. Subsequent research will analyse this evolution, assessing the effectiveness to date of regulatory policies proposed during crises. This work contributes to the debate on CRA regulation by proposing a novel regulatory perspective from administrative law in global governance. It provides a comprehensive view of regulatory challenges in a context of increasing global interconnectedness. It is concluded that responsibility for promoting the public interest should be shared between the state and society, recognising the crucial role of the private sector as a partner in risk management and the promotion of economic stability globally. ---------------------------------------------------------------------------------------------------------

Este artículo analiza la legislación europea y la literatura académica sobre la regulación de las Agencias de Calificación Crediticia en momentos de crisis, centrándose en la perspectiva del derecho administrativo de la gobernanza global. Para ello, se propone una perspectiva que considera un proceso comunicativo para minimizar las consecuencias negativas para la sociedad en el contexto de la actividad regulatoria de las Agencias de Calificación Crediticia. Se examinan las regulaciones existentes, informes de autoridades europeas, estadounidenses e internacionales así como la literatura relevante para comprender cómo se abordan los desafíos regulatorios en la era de la globalización.