The systematic consideration on the regulation of civil liability for credit rating agency

2018 Fiscal Year Final Research Report

• Project/Area Number: 15K03234
• Research Category: Grant-in-Aid for Scientific Research (C)
• Allocation Type: Multi-year Fund
• Section: 一般
• Research Field: Civil law
• Research Institution: Fukuoka University
• Principal Investigator: Kubo Hironobu 福岡大学, 法学部, 教授 (70368984)
• Project Period (FY): 2015-04-01 – 2019-03-31
• Keywords: 格付機関 / 民事責任 / 格付機関規則 / EU法 / 格付機関の役割

Outline of Final Research Achievements

In this study, I studied the way of the regulation of civil liability for credit rating agency on the basis of EU-Regulation and germany law. In consequence, I made a proposal that there is a possibility that regulation is provided also about civil liability for credit rating agency in japanese financial instruments and exchange act. In fact, there are some precedents that credit rating agency was sued by investor in germany, and I think therefor that it is important to discuss about construction of the civil liability, because this trend in EU or germany can not be ignored.

Free Research Field

会社法

Academic Significance and Societal Importance of the Research Achievements

本研究の結果、今後はわが国でも、格付機関の民事責任規制に関して議論が進展することが予想されることから、EU法やドイツ法を基礎にした本研究は、少なくともその議論に際して検討材料を提供できたように思われる。とりわけ格付機関の民事責任に関して、その主観的要件である有責性の問題や損害賠償を主張する原告の証明責任の問題等について一定の基準を示せたことに学術的意義が見出される。