Credit rating agencies in the U.S. Regulation(s) plus a perspective on their liability

The paper is an excerpt of the research developed during a period of study at Columbia Law School. The subject is the regulation of rating agencies, from both theoretical profile (models of regulation: micro and macro prudential) and practical profile (the concrete example of the U.S. macro-prudential regulation). The heart of the research (the regu- lation, indeed) is reached after a brief reference to the functions per- formed by the Agencies, and a description of industry data and its func- tioning; at the end, a perspective on the problems of Agencies’ liability is provided. The nature of the papers is compilative and its sources are available on the Social Science Research Network. Sincere thanks to Professor Kathryn Judge for her guidance.