Financial Services Agency of Japan to the United States to make concessions on credit rating agencies
YORK August 14 morning news, the FSA has adopted a measure Friday to avoid the confusion in financial markets, the content is the U.S. credit rating services company to make concessions.
FSA decided not to demand that the U.S. credit rating service company registered to the regulatory authorities, provided these companies a subsidiary of the Japanese market need to register. Prior to this, the FSA had asked the rating agencies, and the Japanese subsidiary of U.S. parent companies are required to register.
Japanese Financial Services Agency in April this year, announced the Japanese market, which is targeted Shang active in the American rating agencies require that the provisions of yes Japan Zhengfu 更 extensive 计划 part of it aimed at enhancing investor's protection efforts. However, this measure was the Standard & Poor's, Moody's Investors Service, Fitch rating agencies and the strong opposition of the three major rating agencies, these agencies said that this provision will make it under supervision at the Financial Services Agency, and requested to submit business reports.
credit rating services company submitted to the Japanese regulatory system of registration documents of the time will be the end of September deadline. According to current regulatory requirements, the sale made by the rating agencies rating the unregistered products, the securities brokerage firm must ratings policies, methods and other details to explain to investors.
in the current Japanese market, many overseas bonds and securitized products at present are from the U.S. credit rating services, the company itself and not its subsidiaries to conduct rating, which led to fears that these products will be registered be adversely affected after the deadline. But the FSA has decided that if the U.S. credit rating services, the company's Japanese subsidiary had been registered, then the brokerage firm can sell directly to ratings by the parent company financial products, without having to give a detailed explanation. (Jin-liang)
