从次贷危机后的诉讼案例看评级机构法律责任的演进

次贷危机前，美国监管当局对评级业秉承“声誉资本驱动”的监管理念和评级机构被视为出版机构享有宪法第一修正案的保护这两大因素成为对评级机构追责的主要障碍。而在危机后引发的关于评级机构的诉讼案例中，法官裁定评级机构并非当然的出版机构受到宪法第一修正案的全面保护，而是应受到相应的前置条件审查后才能明确其出版机构的地位，这为追究评级机构的法律责任提供了可能。与此同时，立法机构和监管当局也对评级机构的法律责任体系加以完善，从中显现出强化评级机构法律责任的趋势。

On Evolution of Credit Rating Agency's Legal Liability: Lawsuit Cases' Study after Subprime Mortgage Crisis

Before subprime mortgage crisis,the U.S.regulatory authorities of the rating industry adher to the regulatory philosophy of reputation capital,and the rating agencies qualified for protection under the First Amendment because they have been regarded as publishing houses,which becomes the main obstacle to affixing the legal liability of rating agencies.After the crisis,the judge rules that the rating agencies are not qualified for the First Amendment's full protection,and their position of publishing houses ...