La reglamentación europea en materia de agencias de calificación crediticia: perfiles de responsabilidad
European Regulation on Rating Agencies: Liability Profiles
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Rinaldo, C. 2017. La reglamentación europea en materia de agencias de calificación crediticia: perfiles de responsabilidad. Revista de Derecho Privado. 32 (jul. 2017), 353–381. DOI:https://doi.org/10.18601/01234366.n32.12.
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Responsabilidad civil
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Resumen
El presente artículo, luego de exponer brevemente el rol de la calificación crediticia en los mercados financieros, brinda una primera panorámica sobre la normativa delineada por el legislador europeo, en particular sobre aquellas normas relativas al tema de la responsabilidad civil de las agencias en caso de difusión de una calificación crediticia errónea, y pone al descubierto algunas de sus deficiencias.
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Referencias (VER)
Armour y McCahery, “After Enron: Improving Corporate Law and Modernizing Securities Regulation in Europe and in the US”, Amsterdam Center for Law & Economics Working Paper No. 2006-07, 1 ss.
Avgouleas, “The Global Financial Crisis – Behavioural Finance and Financial Regulation – In Search of a New Orthodoxy”, J. Corp. L. Studies 9, 2009, 33 ss.
Balzola, “La responsabilità contrattuale del revisore contabile: obbligazione di mezzi o di risultato?”, Giur. it., 2006, 2334 ss.
Bar-Gill, “The Law, Economics and Psychology of Subprime Mortgage Contracts”, Cornell L. Rev. 94, 2009, 1073 ss.
Blaurock, “Verantwortlichkeit von Ratingagenturen – Steuerung durch Privatoder Aufsichtsrecht?”, zgr, 2007, 642 ss.
Buonocore, “Etica degli affari e impresa etica”, Giur. comm., 2004, 181 ss.
Busnelli, “Itinerari europei nella ‘terra di nessuno tra contratto e fatto illecito’: la responsabilità da informazioni inesatte”, Contratto e impresa, 1991, ii, 539 ss.
Calabresi, The Costs of Accidents, A Legal and Economic Analysis, New Haven, 1970.
Carriero, “Previsioni, opinioni, certezze: le agenzie di rating”, Europa e dir. priv., 2012, 873 ss.
Castronovo, “Del non risarcibile aquiliano: danno meramente patrimoniale, cd. perdita di chance, danni punitivi, danno cd. esistenziale”, Europa e dir. priv., 2008, 315 ss.
Castronovo, La nuova responsabilità civile, 3.ª ed., Milano, 2006.
Cazorla Prieto, “La inserción de las agencias de ‘rating’ en el incipiente gobierno de la globalización financiera”, Derecho Bancario y Bursátil, n.º 129, 2013, 206 ss.
Cervone, “Riflessioni per un’indagine sulle agenzie di rating”, Riv. trim. dir. econ., 2009, i, 293 ss.
Coffee, Gatekeepers. The Professions and Corporate Governance, Oxford, 2006.
Choi, “Market Lessons for Gatekeepers”, Nw. U.L. Rev., 92, 1998, 916 ss.
Crawford, “Hitting the Sweet Spot by Accident: How Recent Lower Court Cases Help Realign Incentives in the Credit Rating Industry”, Conn. Law Rev., 42, 2009, 18 ss.
Darbellay y Partnoy, “Credit Rating Agencies and Regulatory Reform”, Research Handbook on the Economics of Corporate Law, Claire A. Hill y Brett H. McDonnell (eds.), Cheltenham (UK) y Northhampton (usa), 2012, 290 ss.
Di Donna, “Danni da rating e rimedi degli investitori”, Le agenzie di rating, Principe (ed.), Milano, 2014, 275 ss.
Di Donna, La responsabilità civile delle agenzie di rating, Padova, 2012.
Dittrich, The Credit Rating Industry. Competition and Regulation, Köln, 2007.
Drigo, “La responsabilità delle agenzie di rating per il danno all’informato. L’esperienza statunitense”, Rass. dir. civ., 2006, 490 ss.
Ebke, “Commento al § 323 hgb”, Münchener Kommentar zum Handelsgesetzbuch, Schmidt (ed.), vol. iv, 3.ª ed., München, 2013, Rdnr. 1 ss.
Facci, “Le agenzie di rating e la responsabilità per informazioni inesatte”, Contratto e impresa, 2008, i, 164 ss.
Ferri y Lacitignola, Le agenzie di rating, 2.ª ed., Bologna, 2014.
Flores, “New Trends in Auditor Liability”, European Business Organization Law Review, 12, 2011, 426 ss.
García Alcubilla, “La supervisión de las agencias de rating en Europa”, Derecho Bancario y Bursátil, n.º 129, 2013, 219 ss.
Gilson, “Value Creation by Business Lawyers: Legal Skills and Asset Pricing”, Yale L. J., 94, 1984, 239 ss.
Gilson y Kraakman, “The Mechanisms of Market Efficiency”, Va. L. Rev. 70, 1984, 620 ss.
Grundmann, Hofmann y Möslein, “Finanzkrise und Wirtschaftsordnung: Krisenursachen, Finanzmarktstabilisierung, Finanzmarktstabilität”, Finanzkrise und Wirtschaftsordnung, Grundmann, Hofmann y Möslein (eds.), Berlin, 2009.
Haar, “Das deutsche Ausführungsgesetz zur EU -Rating-Verordnung – Zwischentappe auf dem Weg zu einer europäischen Finanzmarktarchitektur”, zbb, 2009, 178 ss.
Haar, “Die Rolle der Ratingagenturen bei der Corporate Governance von Banken”, Handbuch Corporate Governance von Banken, Hopt y Wohlmannstetter (eds.), München, 2011, 233 ss.
Haar, “Neues zur Haftung von Ratingagenturen im Zuge der zweiten Novelle der Rating-Verordnung (cra iii)?”, DB, 2013, 2492 ss. [378] Carlot ta Rinaldo
Habersack, “Rechtsfragen des Emittenten-Ratings”, zhr, 169, 2005, 189 ss.
Habersack y Schürnbrand, “Commento al § 323 hgb”, Handelsgesetzbuch. Großkommentar, fundado por Staub, vol. vii.1, 5.ª ed., Berlin, 2010, 222 ss.
Hill, “Limits of Dodd-Frank’s Rating Agency Reform”, Chapman L. Rev., 15, 2011, 143 ss.
Hunt, “Credit Rating Agencies and the ‘Worldwide Credit Crisis’: The Limits of Reputation, The Insufficiency of Reform and a Proposal for Improvement”, en Colum. Bus. L. Rev. 109, 2009, 1 ss.
Husisian, “What Standard of Care Should Govern the World’s Shortest Editorials?: An Analysis of Bond Rating Agency Liability”, Cornell L. Rev., 75, 410, 1990, 430.
Kraakman, “Corporate Liability Strategies and the Costs at Legal Controls”, Yale L. J., 93, 1984, 857 ss.
Kraakman, “Gatekeepers: The Anatomy of a Third-Party Enforcement Strategy”, J. L. Econ. & Org., 2, 1986, 53 ss.
Kremer, Die zivilrechtliche Verantwortlichkeit des Wirtschaftsprüfers gegenüber Kapitalanlegern, Göttingen, 2007.
Kumpan, “Regulierung von Ratingagenturen – ein anreizorientierter Ansatz”, Festschrift für Klaus J. Hopt zum 70. Geburtstag, vol. ii, Grundmann et al. (eds.), Berlin, 2010, 2157 ss.
Leyens, “Intermediary Independence: Auditors, Financial Analysts and Rating Agencies”, Journal of Corporate Law Studies, 2011, 33 ss.
Libertini y Fabbio, “Concorrenza e rating finanziario”, Le agenzie di rating, Principe (ed.), Milano, 2014, 261 ss.
Lipsey y Lancaster, “General Theory of Second Best”, Rev. Econ. Stud. 24, 1956, 11 ss.
López Martínez, “Independencia y conflictos de interés en la actividad de las agencias de rating”, Derecho Bancario y Bursátil, n.º 129, 2013, 238 ss.
Maggiolo, Il risarcimento della pura perdita patrimoniale, Milano, 2003.
Montalenti, “Le agenzie di rating: appunti”, Giur. comm., 2013, i, 514 ss.
Montalenti, “La società quotata”, Trattato di diritto commerciale, vol. iv.2, Cottino (ed.), Padova, 2004, 312 ss.
Montalenti y Balzola, “La società per azioni quotata”, Le nuove s.p.a., Cagnasso y Panzani (dirs.), vol. ii, Bologna, 2010, 1983.
Muccioli, “Osservazioni in tema di danno meramente patrimoniale”, N. giur. civ. comm., 2008, ii, 430 ss.
Muñoz García, “Los rating no solicitados”, Derecho Bancario y Bursátil, n.º 129, 2013, 246 ss.
Olivieri, “I servizi di rating tra concorrenza e regolazione”, Analisi giur. econ., 2012, 285 ss.
Parmeggiani, “La regolazione delle agenzie di rating tra tentativi incompiuti e prospettive future”, Giur. comm., 2010, i, 135 ss.
Parmeggiani, “Some Rating Failures and Several Regulatory Weaknesses: the US and the EU Perspectives”, Le agenzie di rating, Principe (ed.), Milano, 2014, 75 ss.
Partnoy, “Overdependence on Credit Rating Was a Primary Cause of the Crisis”, San Diego Legal Studies 09/015, 2009, 5 ss.
Perrone, Informazione sul mercato e tutele dell’investitore, Milano, 2003.
Picciau, La responsabilità delle agenzie di rating per la diffusione di giudizi inesatti sul mercato finanziario, Università degli Studi di Milano, tesis doctoral, 2013- 2014.
Pinto, “Control and Responsibility of Credit Rating Agencies in the United States”, Am. J. Comp. L., 54, 2006, 343 ss.
Ponzanelli, “Responsabilità civile e mercato finanziario”, Danno e resp., 2002, 98.
Presti, s.v. “rating”, Enc. dir., Ann. vii, Milano, 2014, 847 ss.
Presti, “Le agenzie di rating: dalla protezione alla regolazione”, Jus, 2009, 65 ss.
Presti, “Take the aaa train: note introduttive sul rating”, Analisi giur. econ., 2012, 251 ss.
Rousseau, “Enhancing the Accountability of Credit Rating Agencies: The Case for a Disclosure-Based Approach”, McGill L. J., 51, 2006.
Rott, “Europäisierung des Rechts der Finanzintermediäre”, ews, 2008, 21 ss.
Scaroni, “La responsabilità delle agenzie di rating nei confronti degli investitori”, Contratto e impresa, 2011, 3, 764 ss.
Schantz, Die zivilrechtliche Verantwortlichkeit von Ratingagenturen gegenüber Investoren, Berlin, 2015.
Schäfer, “Strafe und Prävention im Bürgerlichen Recht”, AcP, 202, 2002, 399 ss.
Schiemann, “Wandlungen der Berufshaftung”, Festschrift für Joachim Gernhuber zum 70. Geburtstag, Lange et al. (eds.), Tübingen, 1993, 387 ss.
Schroeter, Ratings – Bonitätsbeurteilungen durch Dritte im System des Finanzmarkt-, Gesellschafts- und Vertragsrechts, Tübingen, 2014.
Schuler, Regulierung und zivilrechtliche Verantwortlichkeit von Ratingagenturen, Frankfurt a.M., 2012.
Schwarcz, “Private Ordering of Public Markets: The Rating Agency Paradox”, U. Ill. L. Rev. 14, 2002, 1 ss.
Schwarcz, “Protecting Financial Markets: Lessons from the Subprime Mortgage Meltdown”, Minnesota Law Review, 93, 2008, 373.
Shapiro, “Premiums for High Quality Products as Returns to Reputations”, Quart. J. Econ. 98, 1983, 659 ss.
Strasser, Die Haftung der Wirtschaftsprüfer gegenüber Kapitalanlegern für fehlerhafte Testate, Frankfurt a.M., 2003.
Sylla, “A historical Primer on the Business of Credit Rating”, Ratings, Rating Agencies and the Global Financial System, Levich, Majnoni y Reinhart (eds.), New York, 2002.
Tapia Hermida, “Novedades en la regulación comunitaria y española de las Agencias de Calificación Crediticias (Agencias de rating)”, Derecho Bancario y Bursátil, n.º 123, 2011, 296 ss.
Turner, The Turner Review 2009 – A Regulatory response to the Global Financial Crisis.
Wagner, “Die Haftung von Ratingagenturen gegenüber dem Anlegerpublikum”, Einheit und Vielheit im Unternehmensrecht, Festschrift für Uwe Blaurock zum 70.
Geburtstag, Jung, Lamprecht et al. (eds.), Tübingen, 2013.
Wagner, “Prävention und Verhaltenssteuerung durch Privatrecht – Anmaßung oder legitime Aufgabe?”, AcP, 206, 2006, 363 ss.
Avgouleas, “The Global Financial Crisis – Behavioural Finance and Financial Regulation – In Search of a New Orthodoxy”, J. Corp. L. Studies 9, 2009, 33 ss.
Balzola, “La responsabilità contrattuale del revisore contabile: obbligazione di mezzi o di risultato?”, Giur. it., 2006, 2334 ss.
Bar-Gill, “The Law, Economics and Psychology of Subprime Mortgage Contracts”, Cornell L. Rev. 94, 2009, 1073 ss.
Blaurock, “Verantwortlichkeit von Ratingagenturen – Steuerung durch Privatoder Aufsichtsrecht?”, zgr, 2007, 642 ss.
Buonocore, “Etica degli affari e impresa etica”, Giur. comm., 2004, 181 ss.
Busnelli, “Itinerari europei nella ‘terra di nessuno tra contratto e fatto illecito’: la responsabilità da informazioni inesatte”, Contratto e impresa, 1991, ii, 539 ss.
Calabresi, The Costs of Accidents, A Legal and Economic Analysis, New Haven, 1970.
Carriero, “Previsioni, opinioni, certezze: le agenzie di rating”, Europa e dir. priv., 2012, 873 ss.
Castronovo, “Del non risarcibile aquiliano: danno meramente patrimoniale, cd. perdita di chance, danni punitivi, danno cd. esistenziale”, Europa e dir. priv., 2008, 315 ss.
Castronovo, La nuova responsabilità civile, 3.ª ed., Milano, 2006.
Cazorla Prieto, “La inserción de las agencias de ‘rating’ en el incipiente gobierno de la globalización financiera”, Derecho Bancario y Bursátil, n.º 129, 2013, 206 ss.
Cervone, “Riflessioni per un’indagine sulle agenzie di rating”, Riv. trim. dir. econ., 2009, i, 293 ss.
Coffee, Gatekeepers. The Professions and Corporate Governance, Oxford, 2006.
Choi, “Market Lessons for Gatekeepers”, Nw. U.L. Rev., 92, 1998, 916 ss.
Crawford, “Hitting the Sweet Spot by Accident: How Recent Lower Court Cases Help Realign Incentives in the Credit Rating Industry”, Conn. Law Rev., 42, 2009, 18 ss.
Darbellay y Partnoy, “Credit Rating Agencies and Regulatory Reform”, Research Handbook on the Economics of Corporate Law, Claire A. Hill y Brett H. McDonnell (eds.), Cheltenham (UK) y Northhampton (usa), 2012, 290 ss.
Di Donna, “Danni da rating e rimedi degli investitori”, Le agenzie di rating, Principe (ed.), Milano, 2014, 275 ss.
Di Donna, La responsabilità civile delle agenzie di rating, Padova, 2012.
Dittrich, The Credit Rating Industry. Competition and Regulation, Köln, 2007.
Drigo, “La responsabilità delle agenzie di rating per il danno all’informato. L’esperienza statunitense”, Rass. dir. civ., 2006, 490 ss.
Ebke, “Commento al § 323 hgb”, Münchener Kommentar zum Handelsgesetzbuch, Schmidt (ed.), vol. iv, 3.ª ed., München, 2013, Rdnr. 1 ss.
Facci, “Le agenzie di rating e la responsabilità per informazioni inesatte”, Contratto e impresa, 2008, i, 164 ss.
Ferri y Lacitignola, Le agenzie di rating, 2.ª ed., Bologna, 2014.
Flores, “New Trends in Auditor Liability”, European Business Organization Law Review, 12, 2011, 426 ss.
García Alcubilla, “La supervisión de las agencias de rating en Europa”, Derecho Bancario y Bursátil, n.º 129, 2013, 219 ss.
Gilson, “Value Creation by Business Lawyers: Legal Skills and Asset Pricing”, Yale L. J., 94, 1984, 239 ss.
Gilson y Kraakman, “The Mechanisms of Market Efficiency”, Va. L. Rev. 70, 1984, 620 ss.
Grundmann, Hofmann y Möslein, “Finanzkrise und Wirtschaftsordnung: Krisenursachen, Finanzmarktstabilisierung, Finanzmarktstabilität”, Finanzkrise und Wirtschaftsordnung, Grundmann, Hofmann y Möslein (eds.), Berlin, 2009.
Haar, “Das deutsche Ausführungsgesetz zur EU -Rating-Verordnung – Zwischentappe auf dem Weg zu einer europäischen Finanzmarktarchitektur”, zbb, 2009, 178 ss.
Haar, “Die Rolle der Ratingagenturen bei der Corporate Governance von Banken”, Handbuch Corporate Governance von Banken, Hopt y Wohlmannstetter (eds.), München, 2011, 233 ss.
Haar, “Neues zur Haftung von Ratingagenturen im Zuge der zweiten Novelle der Rating-Verordnung (cra iii)?”, DB, 2013, 2492 ss. [378] Carlot ta Rinaldo
Habersack, “Rechtsfragen des Emittenten-Ratings”, zhr, 169, 2005, 189 ss.
Habersack y Schürnbrand, “Commento al § 323 hgb”, Handelsgesetzbuch. Großkommentar, fundado por Staub, vol. vii.1, 5.ª ed., Berlin, 2010, 222 ss.
Hill, “Limits of Dodd-Frank’s Rating Agency Reform”, Chapman L. Rev., 15, 2011, 143 ss.
Hunt, “Credit Rating Agencies and the ‘Worldwide Credit Crisis’: The Limits of Reputation, The Insufficiency of Reform and a Proposal for Improvement”, en Colum. Bus. L. Rev. 109, 2009, 1 ss.
Husisian, “What Standard of Care Should Govern the World’s Shortest Editorials?: An Analysis of Bond Rating Agency Liability”, Cornell L. Rev., 75, 410, 1990, 430.
Kraakman, “Corporate Liability Strategies and the Costs at Legal Controls”, Yale L. J., 93, 1984, 857 ss.
Kraakman, “Gatekeepers: The Anatomy of a Third-Party Enforcement Strategy”, J. L. Econ. & Org., 2, 1986, 53 ss.
Kremer, Die zivilrechtliche Verantwortlichkeit des Wirtschaftsprüfers gegenüber Kapitalanlegern, Göttingen, 2007.
Kumpan, “Regulierung von Ratingagenturen – ein anreizorientierter Ansatz”, Festschrift für Klaus J. Hopt zum 70. Geburtstag, vol. ii, Grundmann et al. (eds.), Berlin, 2010, 2157 ss.
Leyens, “Intermediary Independence: Auditors, Financial Analysts and Rating Agencies”, Journal of Corporate Law Studies, 2011, 33 ss.
Libertini y Fabbio, “Concorrenza e rating finanziario”, Le agenzie di rating, Principe (ed.), Milano, 2014, 261 ss.
Lipsey y Lancaster, “General Theory of Second Best”, Rev. Econ. Stud. 24, 1956, 11 ss.
López Martínez, “Independencia y conflictos de interés en la actividad de las agencias de rating”, Derecho Bancario y Bursátil, n.º 129, 2013, 238 ss.
Maggiolo, Il risarcimento della pura perdita patrimoniale, Milano, 2003.
Montalenti, “Le agenzie di rating: appunti”, Giur. comm., 2013, i, 514 ss.
Montalenti, “La società quotata”, Trattato di diritto commerciale, vol. iv.2, Cottino (ed.), Padova, 2004, 312 ss.
Montalenti y Balzola, “La società per azioni quotata”, Le nuove s.p.a., Cagnasso y Panzani (dirs.), vol. ii, Bologna, 2010, 1983.
Muccioli, “Osservazioni in tema di danno meramente patrimoniale”, N. giur. civ. comm., 2008, ii, 430 ss.
Muñoz García, “Los rating no solicitados”, Derecho Bancario y Bursátil, n.º 129, 2013, 246 ss.
Olivieri, “I servizi di rating tra concorrenza e regolazione”, Analisi giur. econ., 2012, 285 ss.
Parmeggiani, “La regolazione delle agenzie di rating tra tentativi incompiuti e prospettive future”, Giur. comm., 2010, i, 135 ss.
Parmeggiani, “Some Rating Failures and Several Regulatory Weaknesses: the US and the EU Perspectives”, Le agenzie di rating, Principe (ed.), Milano, 2014, 75 ss.
Partnoy, “Overdependence on Credit Rating Was a Primary Cause of the Crisis”, San Diego Legal Studies 09/015, 2009, 5 ss.
Perrone, Informazione sul mercato e tutele dell’investitore, Milano, 2003.
Picciau, La responsabilità delle agenzie di rating per la diffusione di giudizi inesatti sul mercato finanziario, Università degli Studi di Milano, tesis doctoral, 2013- 2014.
Pinto, “Control and Responsibility of Credit Rating Agencies in the United States”, Am. J. Comp. L., 54, 2006, 343 ss.
Ponzanelli, “Responsabilità civile e mercato finanziario”, Danno e resp., 2002, 98.
Presti, s.v. “rating”, Enc. dir., Ann. vii, Milano, 2014, 847 ss.
Presti, “Le agenzie di rating: dalla protezione alla regolazione”, Jus, 2009, 65 ss.
Presti, “Take the aaa train: note introduttive sul rating”, Analisi giur. econ., 2012, 251 ss.
Rousseau, “Enhancing the Accountability of Credit Rating Agencies: The Case for a Disclosure-Based Approach”, McGill L. J., 51, 2006.
Rott, “Europäisierung des Rechts der Finanzintermediäre”, ews, 2008, 21 ss.
Scaroni, “La responsabilità delle agenzie di rating nei confronti degli investitori”, Contratto e impresa, 2011, 3, 764 ss.
Schantz, Die zivilrechtliche Verantwortlichkeit von Ratingagenturen gegenüber Investoren, Berlin, 2015.
Schäfer, “Strafe und Prävention im Bürgerlichen Recht”, AcP, 202, 2002, 399 ss.
Schiemann, “Wandlungen der Berufshaftung”, Festschrift für Joachim Gernhuber zum 70. Geburtstag, Lange et al. (eds.), Tübingen, 1993, 387 ss.
Schroeter, Ratings – Bonitätsbeurteilungen durch Dritte im System des Finanzmarkt-, Gesellschafts- und Vertragsrechts, Tübingen, 2014.
Schuler, Regulierung und zivilrechtliche Verantwortlichkeit von Ratingagenturen, Frankfurt a.M., 2012.
Schwarcz, “Private Ordering of Public Markets: The Rating Agency Paradox”, U. Ill. L. Rev. 14, 2002, 1 ss.
Schwarcz, “Protecting Financial Markets: Lessons from the Subprime Mortgage Meltdown”, Minnesota Law Review, 93, 2008, 373.
Shapiro, “Premiums for High Quality Products as Returns to Reputations”, Quart. J. Econ. 98, 1983, 659 ss.
Strasser, Die Haftung der Wirtschaftsprüfer gegenüber Kapitalanlegern für fehlerhafte Testate, Frankfurt a.M., 2003.
Sylla, “A historical Primer on the Business of Credit Rating”, Ratings, Rating Agencies and the Global Financial System, Levich, Majnoni y Reinhart (eds.), New York, 2002.
Tapia Hermida, “Novedades en la regulación comunitaria y española de las Agencias de Calificación Crediticias (Agencias de rating)”, Derecho Bancario y Bursátil, n.º 123, 2011, 296 ss.
Turner, The Turner Review 2009 – A Regulatory response to the Global Financial Crisis.
Wagner, “Die Haftung von Ratingagenturen gegenüber dem Anlegerpublikum”, Einheit und Vielheit im Unternehmensrecht, Festschrift für Uwe Blaurock zum 70.
Geburtstag, Jung, Lamprecht et al. (eds.), Tübingen, 2013.
Wagner, “Prävention und Verhaltenssteuerung durch Privatrecht – Anmaßung oder legitime Aufgabe?”, AcP, 206, 2006, 363 ss.
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