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 substantial loss...
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| Ngôn ngữ: | English |
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Springer
2016
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| Truy cập trực tuyến: | https://scholar.dlu.edu.vn/thuvienso/handle/DLU123456789/59634 |
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oai:scholar.dlu.edu.vn:DLU123456789-596342023-11-11T06:46:06Z Credit Rating Agencies: Self-regulation, Statutory Regulation and Case Law Regulation in the United States and European Union Hemraj, Mohammed Self-regulation Financial institutions European Union countries Credit bureaus United States Credit bureaus 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. 2016-01-15T07:33:05Z 2016-01-15T07:33:05Z 2015 Book 978-3-319-17927-8 978-3-319-17926-1 https://scholar.dlu.edu.vn/thuvienso/handle/DLU123456789/59634 en application/pdf Springer |
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Thư viện Trường Đại học Đà Lạt |
| collection |
Thư viện số |
| language |
English |
| topic |
Self-regulation Financial institutions European Union countries Credit bureaus United States Credit bureaus |
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Self-regulation Financial institutions European Union countries Credit bureaus United States Credit bureaus Hemraj, Mohammed Credit Rating Agencies: Self-regulation, Statutory Regulation and Case Law Regulation in the United States and European Union |
| description |
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. |
| format |
Book |
| author |
Hemraj, Mohammed |
| author_facet |
Hemraj, Mohammed |
| author_sort |
Hemraj, Mohammed |
| title |
Credit Rating Agencies:
Self-regulation, Statutory Regulation and Case Law Regulation in the United States and European Union |
| title_short |
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 |
| title_fullStr |
Credit Rating Agencies:
Self-regulation, Statutory Regulation and Case Law Regulation in the United States and European Union |
| title_full_unstemmed |
Credit Rating Agencies:
Self-regulation, Statutory Regulation and Case Law Regulation in the United States and European Union |
| title_sort |
credit rating agencies:
self-regulation, statutory regulation and case law regulation in the united states and european union |
| publisher |
Springer |
| publishDate |
2016 |
| url |
https://scholar.dlu.edu.vn/thuvienso/handle/DLU123456789/59634 |
| _version_ |
1782550609693507584 |