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  • Open Daily: 10am - 10pm
    Alley-side Pickup: 10am - 7pm

    3038 Hennepin Ave Minneapolis, MN
    612-822-4611

Open Daily: 10am - 10pm | Alley-side Pickup: 10am - 7pm
3038 Hennepin Ave Minneapolis, MN
612-822-4611
Credit Rating Agencies: Self-Regulation, Statutory Regulation and Case Law Regulation in the United States and European Union

Credit Rating Agencies: Self-Regulation, Statutory Regulation and Case Law Regulation in the United States and European Union

Hemraj, Mohammed

Paperback

EconomicsInvesting & FinanceGeneral Law

ISBN10: 3319369229
ISBN13: 9783319369228
Publisher: Springer Nature
Published: Oct 15 2016
Pages: 266
Weight: 0.91
Height: 0.62 Width: 6.14 Depth: 9.21
Language: English

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.

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