信用評價의 信賴性 提高를 위한 制度改善 方向－構造化金融 信用評價를 中心으로－

After the sub-prime financial crisis, there have been heated discussions and systemic reforms on credit rating regulation. And main effort has been focused on the ratings of structured finance (SF). As SF was new and complicated, it was difficult to figure out the underlying risks. For that reason, market participants depended more on credit rating services and public rage was even more severer when they knew the unethical and incompetent rating practices. With this, following reforms could overcome the regulatory cost and industry resistance. Moreover, the credit rating industry was kept under surveillance and monitoring from the academics and capital market as well as regulators. In Korea, however, the situation was different and it is not easy to find preceding study or systemic research on the necessity of regulatory improvement for SF rating. Therefore, with SF rating's accountability and transparency, this article reviews the regulatory system relating to the accuracy and reliability of rating material, management of conflicts of interest, and analysis and disclosure of underlying asset's various risks. Then, after studying systems and policies of ESMA, the United States, Japan, and IOSCO, this article proposes policy implications to enhance rating performance and regulation.