Civil Liability for Credit Ratings Agencies: A Swedish Perspective

Abstract

Since June 20, 2013 a specific civil liability regime regarding credit rating agencies has been in force in the EU. A credit rating agency that has – intentionally or with gross negligence – infringed the EU:s CRA-Regulation could be held liable towards investors and issuers that have incurred a loss due to that infringement. The article discusses whether or not the new civil liability regime will entail any significant changes in relation to the liability of credit rating agencies according to general tort law principles. In the article, Swedish tort law principles are analyzed in order to determine if a credit rating agency could be held liable towards an investor due to a negligently issued credit rating. The article also discusses the relationship between the Swedish tort law principles and the recently imposed civil liability regime of the CRARegulation.