Credit rating agencies: self-regulation, statutory regulation and case law regulation in the United States and European Union
The book examines the role of credit rating agencies (CRAs) in the subprime mortgage crisis. The CRAs are blamed for awarding risky securities '3-A' investment grade status and then failing to downgrade them quickly enough when circumstances changed, which led to investors suffering substa...
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| Format: | Elektronisch E-Book |
| Sprache: | English |
| Veröffentlicht: |
Cham
Springer
[2015]
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| Schlagworte: | |
| Online-Zugang: | HWR01 |
| Zusammenfassung: | The book examines the role of credit rating agencies (CRAs) in the subprime mortgage crisis. The CRAs are blamed for awarding risky securities '3-A' investment grade status and then failing to downgrade them quickly enough when circumstances changed, which led to investors suffering substantial losses. The causes identified by the regulators for the gatekeeper failure were conflicts of interest (as the issuers of these securities pay for the ratings); lack of competition (as the Big Three CRAs have dominated the market share); and lack of regulation for CRAs. The book examines how the regulators, both in the US and EU, have sought to address these problems by introducing soft law self-regulation in accordance with the International Organisation of Securities Commissions Code and hard law statutory regulation, such as that found in the "Reform Act" and "Dodd-Frank Act" in the US and similar provisions in the EU. The highly topical book examines these provisions in detail by using a doctrinal black-letter law method to assess the success of the regulators in redressing the problems identified. It also examines the US case law regulation relating to the legal liability of CRAs. The book examines whether the regulations introduced have had a deterrent effect on the actions of CRAs, whether investors are compensated for their losses, and how the regulators have dealt with the issues of conflicts of interest and an anti-competitive environment. Should liability be introduced for CRAs through changes in the law so as to compel them to issue reliable ratings and solve the current problems? The book seeks to simplify the complex issues involved and is backed by concrete evidence; as such, it will appeal to both the well-informed and the lay general public who are interested in learning more about the role of CRAs in the sub-prime mortgage crisis and |
| Beschreibung: | Description based on publisher supplied metadata and other sources |
| Beschreibung: | 1 Online-Ressource (xxiv, 266 Seiten) |
| ISBN: | 9783319179278 9783319179261 |
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| 520 | |a The book examines the role of credit rating agencies (CRAs) in the subprime mortgage crisis. The CRAs are blamed for awarding risky securities '3-A' investment grade status and then failing to downgrade them quickly enough when circumstances changed, which led to investors suffering substantial losses. The causes identified by the regulators for the gatekeeper failure were conflicts of interest (as the issuers of these securities pay for the ratings); lack of competition (as the Big Three CRAs have dominated the market share); and lack of regulation for CRAs. The book examines how the regulators, both in the US and EU, have sought to address these problems by introducing soft law self-regulation in accordance with the International Organisation of Securities Commissions Code and hard law statutory regulation, such as that found in the "Reform Act" and "Dodd-Frank Act" in the US and similar provisions in the EU. The highly topical book examines these provisions in detail by using a doctrinal black-letter law method to assess the success of the regulators in redressing the problems identified. It also examines the US case law regulation relating to the legal liability of CRAs. The book examines whether the regulations introduced have had a deterrent effect on the actions of CRAs, whether investors are compensated for their losses, and how the regulators have dealt with the issues of conflicts of interest and an anti-competitive environment. Should liability be introduced for CRAs through changes in the law so as to compel them to issue reliable ratings and solve the current problems? The book seeks to simplify the complex issues involved and is backed by concrete evidence; as such, it will appeal to both the well-informed and the lay general public who are interested in learning more about the role of CRAs in the sub-prime mortgage crisis and | ||
| 650 | 4 | |a Credit bureaus -- European Union countries | |
| 650 | 4 | |a Credit bureaus -- United States | |
| 650 | 4 | |a Financial institutions -- Self-regulation | |
| 651 | 4 | |a Europäische Union. Mitgliedsstaaten | |
| 651 | 4 | |a USA | |
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Datensatz im Suchindex
| _version_ | 1804176360213577728 |
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| any_adam_object | |
| author | Hemraj, Mohammed |
| author_GND | (DE-588)1147709564 |
| author_facet | Hemraj, Mohammed |
| author_role | aut |
| author_sort | Hemraj, Mohammed |
| author_variant | m h mh |
| building | Verbundindex |
| bvnumber | BV043621816 |
| collection | ZDB-30-PQE |
| ctrlnum | (ZDB-30-PQE)EBC2094788 (ZDB-89-EBL)EBL2094788 (ZDB-38-EBR)ebr11070709 (OCoLC)911616853 (DE-599)BVBBV043621816 |
| dewey-full | 340 |
| dewey-hundreds | 300 - Social sciences |
| dewey-ones | 340 - Law |
| dewey-raw | 340 |
| dewey-search | 340 |
| dewey-sort | 3340 |
| dewey-tens | 340 - Law |
| discipline | Rechtswissenschaft |
| format | Electronic eBook |
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| geographic | Europäische Union. Mitgliedsstaaten USA |
| geographic_facet | Europäische Union. Mitgliedsstaaten USA |
| id | DE-604.BV043621816 |
| illustrated | Not Illustrated |
| indexdate | 2024-07-10T07:30:56Z |
| institution | BVB |
| isbn | 9783319179278 9783319179261 |
| language | English |
| oai_aleph_id | oai:aleph.bib-bvb.de:BVB01-029035875 |
| oclc_num | 911616853 |
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| owner_facet | DE-2070s |
| physical | 1 Online-Ressource (xxiv, 266 Seiten) |
| psigel | ZDB-30-PQE ZDB-30-PQE HWR_PDA_PQE_Kauf |
| publishDate | 2015 |
| publishDateSearch | 2015 |
| publishDateSort | 2015 |
| publisher | Springer |
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| spelling | Hemraj, Mohammed Verfasser (DE-588)1147709564 aut Credit rating agencies self-regulation, statutory regulation and case law regulation in the United States and European Union Mohammed Hemraj Cham Springer [2015] © 2015 1 Online-Ressource (xxiv, 266 Seiten) txt rdacontent c rdamedia cr rdacarrier Description based on publisher supplied metadata and other sources The book examines the role of credit rating agencies (CRAs) in the subprime mortgage crisis. The CRAs are blamed for awarding risky securities '3-A' investment grade status and then failing to downgrade them quickly enough when circumstances changed, which led to investors suffering substantial losses. The causes identified by the regulators for the gatekeeper failure were conflicts of interest (as the issuers of these securities pay for the ratings); lack of competition (as the Big Three CRAs have dominated the market share); and lack of regulation for CRAs. The book examines how the regulators, both in the US and EU, have sought to address these problems by introducing soft law self-regulation in accordance with the International Organisation of Securities Commissions Code and hard law statutory regulation, such as that found in the "Reform Act" and "Dodd-Frank Act" in the US and similar provisions in the EU. The highly topical book examines these provisions in detail by using a doctrinal black-letter law method to assess the success of the regulators in redressing the problems identified. It also examines the US case law regulation relating to the legal liability of CRAs. The book examines whether the regulations introduced have had a deterrent effect on the actions of CRAs, whether investors are compensated for their losses, and how the regulators have dealt with the issues of conflicts of interest and an anti-competitive environment. Should liability be introduced for CRAs through changes in the law so as to compel them to issue reliable ratings and solve the current problems? The book seeks to simplify the complex issues involved and is backed by concrete evidence; as such, it will appeal to both the well-informed and the lay general public who are interested in learning more about the role of CRAs in the sub-prime mortgage crisis and Credit bureaus -- European Union countries Credit bureaus -- United States Financial institutions -- Self-regulation Europäische Union. Mitgliedsstaaten USA Erscheint auch als Druck-Ausgabe Hemraj, Mohammed Credit Rating Agencies : Self-regulation, Statutory Regulation and Case Law Regulation in the United States and European Union |
| spellingShingle | Hemraj, Mohammed Credit rating agencies self-regulation, statutory regulation and case law regulation in the United States and European Union Credit bureaus -- European Union countries Credit bureaus -- United States Financial institutions -- Self-regulation |
| title | Credit rating agencies self-regulation, statutory regulation and case law regulation in the United States and European Union |
| title_auth | Credit rating agencies self-regulation, statutory regulation and case law regulation in the United States and European Union |
| title_exact_search | Credit rating agencies self-regulation, statutory regulation and case law regulation in the United States and European Union |
| title_full | Credit rating agencies self-regulation, statutory regulation and case law regulation in the United States and European Union Mohammed Hemraj |
| title_fullStr | Credit rating agencies self-regulation, statutory regulation and case law regulation in the United States and European Union Mohammed Hemraj |
| title_full_unstemmed | Credit rating agencies self-regulation, statutory regulation and case law regulation in the United States and European Union Mohammed Hemraj |
| title_short | Credit rating agencies |
| title_sort | credit rating agencies self regulation statutory regulation and case law regulation in the united states and european union |
| title_sub | self-regulation, statutory regulation and case law regulation in the United States and European Union |
| topic | Credit bureaus -- European Union countries Credit bureaus -- United States Financial institutions -- Self-regulation |
| topic_facet | Credit bureaus -- European Union countries Credit bureaus -- United States Financial institutions -- Self-regulation Europäische Union. Mitgliedsstaaten USA |
| work_keys_str_mv | AT hemrajmohammed creditratingagenciesselfregulationstatutoryregulationandcaselawregulationintheunitedstatesandeuropeanunion |