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Books > Business & Economics > Finance & accounting > Finance > Credit & credit institutions
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Credit Rating Agencies - Self-regulation, Statutory Regulation and Case Law Regulation in the United States and European Union (Hardcover, 2015 ed.)
Loot Price: R1,570
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Credit Rating Agencies - Self-regulation, Statutory Regulation and Case Law Regulation in the United States and European Union (Hardcover, 2015 ed.)
Expected to ship within 10 - 15 working days
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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.
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