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Credit rating agencies = self-regula...

Hemraj, Mohammed.

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Credit rating agencies = self-regulation, statutory regulation and case law regulation in the United States and European Union /

Record Type:	Language materials, printed : Monograph/item
Title/Author:	Credit rating agencies/ by Mohammed Hemraj.
Reminder of title:	self-regulation, statutory regulation and case law regulation in the United States and European Union /
Author:	Hemraj, Mohammed.
Published:	Cham :Springer International Publishing : : 2015.,
Description:	xxvi, 266 p. :ill., digital ;24 cm.
[NT 15003449]:	1. Theories, Rating Failure and the Subprime Mortgage Crisis -- 2. US and EU Soft Law - Self-regulation -- 3. US Statutory Regulation -- 4. EU Statutory Regulation -- 5. US Case Law Regulation -- 6. Regulation: Success or Failure?
Contained By:	Springer eBooks
Subject:	Credit bureaus - United States. -
Online resource:	http://dx.doi.org/10.1007/978-3-319-17927-8
ISBN:	9783319179278 (electronic bk.)

Credit rating agencies = self-regulation, statutory regulation and case law regulation in the United States and European Union /
Hemraj, Mohammed.

Credit rating agenciesself-regulation, statutory regulation and case law regulation in the United States and European Union /[electronic resource] :by Mohammed Hemraj. - Cham :Springer International Publishing :2015. - xxvi, 266 p. :ill., digital ;24 cm.

1. Theories, Rating Failure and the Subprime Mortgage Crisis -- 2. US and EU Soft Law - Self-regulation -- 3. US Statutory Regulation -- 4. EU Statutory Regulation -- 5. US Case Law Regulation -- 6. Regulation: Success or Failure?

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 regulators' attempts to remedy the situation. Novice readers can familiarise themselves with the legal and financial terminology used by referring to the glossary at the end of the book.

ISBN: 9783319179278 (electronic bk.)

Standard No.: 10.1007/978-3-319-17927-8doiSubjects--Topical Terms:

793912
Credit bureaus
--United States.

LC Class. No.: HG3751.5

Dewey Class. No.: 332.7

Credit rating agencies = self-regulation, statutory regulation and case law regulation in the United States and European Union /
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245 1 0 $a Credit rating agencies $h [electronic resource] : $b self-regulation, statutory regulation and case law regulation in the United States and European Union / $c by Mohammed Hemraj.
260 $a Cham : $b Springer International Publishing : $b Imprint: Springer, $c 2015.
300 $a xxvi, 266 p. : $b ill., digital ; $c 24 cm.
505 0 $a 1. Theories, Rating Failure and the Subprime Mortgage Crisis -- 2. US and EU Soft Law - Self-regulation -- 3. US Statutory Regulation -- 4. EU Statutory Regulation -- 5. US Case Law Regulation -- 6. Regulation: Success or Failure?
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 regulators' attempts to remedy the situation. Novice readers can familiarise themselves with the legal and financial terminology used by referring to the glossary at the end of the book.
650 0 $a Credit bureaus $z United States. $3 793912
650 0 $a Credit bureaus $z European Union countries. $3 2156706
650 0 $a Financial institutions $x Self-regulation. $3 2156707
650 1 4 $a Law. $3 600858
650 2 4 $a International Economic Law, Trade Law. $3 1566625
650 2 4 $a Financial Economics. $3 895543
650 2 4 $a Private International Law, International & Foreign Law, Comparative Law. $3 1566062
650 2 4 $a European Law. $3 1566626
710 2 $a SpringerLink (Online service) $3 836513
773 0 $t Springer eBooks
856 4 0 $u http://dx.doi.org/10.1007/978-3-319-17927-8
950 $a Humanities, Social Sciences and Law (Springer-11648)