글로벌 금융위기로 대두된 신용평가회사 이해상충 문제의 해결방안 (How to Solve the Conflicts of Interest of CreditRating Agencies after the Global Financial Crisis)

서지정보

· 발행기관 : 한국증권법학회
· 수록지 정보 : 증권법연구 / 12권 / 1호 / 111 ~ 143페이지
· 저자명 : 박훤일

초록

글로벌 금융위기가 구조화상품에 대한 신용평가가 부실했던 데 기인한다고 판단한 주요국의 감독당국은 신용평가회사에 대한 규제⋅감독의 강화에 나섰다. 우리나라에서도 ‘국제적 정합성’이라는 이름 아래 신용평가와 관련된 이해상충을 방지하는 방안, 진입장벽을 낮추고 자유경쟁을 촉진하는 방안 등이 검토되었다. 이해상충 방지 및 준법감시 체제 구축을 골자로 한 신용평가회사의 표준내부통제기준도 2010년 1월부터 시행되고 있다.
금융위기를 극복하기 위해 각국이 공조체제를 취하는 것은 바람직하지만, 신용평가산업의 발전을 도모하기 위해 발행자의 ‘신용평가 쇼핑’을 차단하고, 신용평가 성적을 반영한 순환지정 평가제를 적용할 수 있다고 본다. 우리나라가 1997년부터 ‘감사인 순환지정제’를 성공적으로 시행해 온 점에 비추어 다음과 같은 신용평가회사의 순환지정제도의 도입을 제안하고자 한다. 즉, 일정한 발행총액을 넘는 대형 발행 건에 있어서 객관적인 신용평가 실적을 고려하여 순환지정을 하는 것이다. 일정한 자격요건을 갖춘 신용평가회사들로 하여금 번갈아가며 수주하도록 하되, 객관적인 기준에 따라 증권선물위원회가 순서를 조정하면 될 것이다. 복수평가를 요하는 경우에는 발행자가 다른 신용평가회사를 지정하여 서로 공정하고 정확한 신용평가를 하도록 한다. 아무래도 실적이 좋은 신용평가회사가 신용평가의 기회를 많이 얻게 될 것이다. 정부기관이 신용평가회사를 지정하더라도 발행자가 수수료를 지급하게 되지만 이해상충의 문제는 일어날 여지가 없다고 본다.

영어초록

Based on the belief that inaccurate and improper credit ratings of structured finance products resulted in the global financial crisis, the regulators of the United States and other major countries increased their monitoring and supervision of credit rating agencies. Since the real problem was not caused by the credit rating but the structuring process and risk management, we have to think about what the credit rating is, and what makes it necessary.
In Korea, systemic efforts to prevent conflicts of interest, to promote competition and new methodologies, to introduce new symbols and systems of rating and so forth, have been taken and carried out to reform the credit rating agencies in line with the so-called global standards. In particular, the standard internal control standards have been implemented by the Financial Supervisory Service since January 2010, in which prevention of conflicts of interest, enhanced compliance, disclosure of credit rating process and results, and no more unfair activities are called for in a concrete manner.
This paper examines the new regulations and supervision of credit rating agencies introduced by the United States, EU, Japan and the IOSCO. Some questions remain that Korea has to apply identical measures even though its background and economic circumstances are quite different from those of other countries.
It seems to be necessary for the growth of Korean credit rating industry to discourage rating shopping rather than to reduce the reliance on external ratings. So as to solve the information asymmetry, double ratings in line with the aggregate amount of bond issues, nomination of credit rating agencies by rotation based upon their performances are strongly recommended. Take a precedent of the auditor rotation system which has been successfully implemented since 1997. This half-mandatory system has brought to halt the close relations between the auditors and audited companies, and ensured the independent auditing for at least three years.
The author’s suggestion is summarized as follows:-To select a credit rating agency by rotation in case that the aggregate amount of bond issues exceed a certain amount;-To assess the rating performances including credit rating default ratios of the rated issuers during the past few years;-To take into consideration the agency's voluntary disclosure of information and cooperative attitude toward the regulators; and -To authorize the above-mentioned functions to the Securities and Futures Commission in the Financial Services Commission.


Accordingly, credit rating agencies with good performances have more chances to do rating jobs. Sometimes, the “Issuer-Pays” model is believed to have something to do with conflicts of interest. However, the newly suggested “Government as Umpire” model does not care who pays for the rating service. Where double ratings are required for a sophisticated and large-amount bond issue, the issuer should nominate a different credit rating agency so that two agencies may observe the fair play rule in a competitive manner.

참고자료

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