LEGAL ASPECTS OF THE REGULATORY FRAMEWORK FOR CREDIT RATING AGENCIES.

This article makes an analysis of the main regulations used by the credit rating agencies on the financial market. The article describes the main specific legislation on credit rating agencies existing on the market. Credit rating agencies are issuing independent opinions on the reliability of an entity, of a debt, of financial obligations, or of a certain financial instrument. The credit ratings issued by the credit rating agencies established in the European Union are analysed by investors, debtors, issuers and governments, helping all these entities in making any decisions on investments and financing. These ratings may also serve as reference for determining their own funds, necessary to ensure the solvency or reference helping the investors in assessing any risks related to their investment activities. Rating agencies and the products they offer on the international capital market are subject of various researches, which mainly refer to market structure and organization, to the architecture of agencies` s rating systems, to the rating functions, to the controversies concerning rating activity, the role of rating agencies and rating quality.