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Article: Credit Ratings: The Moody's Case

TitleCredit Ratings: The Moody's Case
Authors
KeywordsCredit rating regulation
Hong Kong
Moody's
SFAT
Securities and Futures Appeals Tribunal
SFC
Securities and Futures Commission
Issue Date2017
PublisherSweet & Maxwell Asia. The Journal's web site is located at http://www.hku.hk/law/hklj/
Citation
Hong Kong Law Journal, 2017, v. 47 n. 1, p. 193-219 How to Cite?
AbstractIn Moody’s Investors Service Hong Kong Ltd v Securities and Futures Commission, the Securities and Futures Appeals Tribunal was required to determine whether a report issued by Moody’s fell within the scope of Hong Kong’s statutorily defined credit rating regime. The Tribunal determined that the report was either itself a credit rating or part and parcel of Moody’s credit rating services. This article analyses the Tribunal’s determination and concludes that it is flawed primarily as a result of concerns over its application of the purposive construction of statutory provisions and a failure to closely analyse the statutorily defined term “credit rating”. It is suggested that the determination gives rise to problematic consequences including blurring the regulatory perimeter of what constitutes a credit rating and providing credit rating services.
Persistent Identifierhttp://hdl.handle.net/10722/242080
ISSN
2017 Impact Factor: 0.222
2015 SCImago Journal Rankings: 0.101
SSRN

 

DC FieldValueLanguage
dc.contributor.authorJohnstone, S-
dc.date.accessioned2017-07-21T08:03:43Z-
dc.date.available2017-07-21T08:03:43Z-
dc.date.issued2017-
dc.identifier.citationHong Kong Law Journal, 2017, v. 47 n. 1, p. 193-219-
dc.identifier.issn0378-0600-
dc.identifier.urihttp://hdl.handle.net/10722/242080-
dc.description.abstractIn Moody’s Investors Service Hong Kong Ltd v Securities and Futures Commission, the Securities and Futures Appeals Tribunal was required to determine whether a report issued by Moody’s fell within the scope of Hong Kong’s statutorily defined credit rating regime. The Tribunal determined that the report was either itself a credit rating or part and parcel of Moody’s credit rating services. This article analyses the Tribunal’s determination and concludes that it is flawed primarily as a result of concerns over its application of the purposive construction of statutory provisions and a failure to closely analyse the statutorily defined term “credit rating”. It is suggested that the determination gives rise to problematic consequences including blurring the regulatory perimeter of what constitutes a credit rating and providing credit rating services.-
dc.languageeng-
dc.publisherSweet & Maxwell Asia. The Journal's web site is located at http://www.hku.hk/law/hklj/-
dc.relation.ispartofHong Kong Law Journal-
dc.subjectCredit rating regulation-
dc.subjectHong Kong-
dc.subjectMoody's-
dc.subjectSFAT-
dc.subjectSecurities and Futures Appeals Tribunal-
dc.subjectSFC-
dc.subjectSecurities and Futures Commission-
dc.titleCredit Ratings: The Moody's Case-
dc.typeArticle-
dc.identifier.volume47-
dc.identifier.issue1-
dc.identifier.spage193-
dc.identifier.epage219-
dc.publisher.placeHong Kong-
dc.identifier.ssrn2970470-
dc.identifier.hkulrp2017/009-

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