Credit Rating Agencies

Self-regulation, Statutory Regulation and Case Law Regulation in the United States and European Union

Author: Mohammed Hemraj

Publisher: Springer

ISBN: 3319179276

Category: Law

Page: 266

View: 5743

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.

Regulation and the Credit Rating Agencies

Restraining Ancillary Services

Author: Daniel Cash

Publisher: Routledge

ISBN: 1351107895

Category: Law

Page: 170

View: 7996

This book examines the transgressions of the credit rating agencies before, during and after the recent financial crisis. It proposes that by restricting the agencies’ ability to offer ancillary services there stands the opportunity to limit, in an achievable and practical manner, the potentially negative effect that the Big Three rating agencies – Standard & Poor’s, Moody’s and Fitch – may have upon the financial sector and society moreover. The book contains an extensive and in-depth discussion about how the agencies ascended to their current position, why they were able to do so and ultimately their behaviour once their position was cemented. This work offers a new framework for the reader to follow, suggesting that investors, issuers and the state have a ‘desired’ version of the agencies in their thinking and operate upon that basis when, in fact, those imagined agencies do not exist, as demonstrated by the ‘actual’ conduct of the agencies. The book primarily aims to uncover this divergence and reveal the ‘real’ credit rating agencies, and then on that basis propose a real and potentially achievable reform to limit the negative effects that result from poor performance in this Industry. It addresses the topics with regard to financial regulation and the financial crisis, and will be of interest to legal scholars interested in the intersection between business and he law as well as researchers, academics, policymakers, industry and professional associations and students in the fields of corporate law, banking and finance law, financial regulation, corporate governance and corporate finance.

The Role of Credit Rating Agencies in Responsible Finance

Author: Daniel Cash

Publisher: Springer

ISBN: 3030037096

Category: Business & Economics

Page: 127

View: 4423

This Palgrave Pivot aims to examine the bourgeoning relationship between the Principles for Responsible Investment and the Credit Rating Industry. Since May of 2016, when the partnership was initially publicised, the PRI have endeavoured to incorporate Credit Rating Agencies into its initiative via its ‘ESG in Credit Ratings Initiative’, and have been working diligently to find, and create common ground between Credit Rating Agencies and Institutional Investors seeking to be more forward-looking in their investment approaches. However, in recent years the ‘Big Two’ Credit Rating Agencies – Standard & Poor’s and Moody’s – have finally received record fines for their conduct in the run-up to the Financial Crisis. There is a need, then, to examine the incorporation of the Credit Rating Agencies into such a progressive initiative. To achieve this objective, this book examines the field of ‘responsible investing’, the credit rating industry, and the power dynamic that exists between the rating industry, investors, and the PRI (via its ‘Initiative’).

Professional Services in the EU Internal Market

Quality Regulation and Self-Regulation

Author: Tinne Heremans

Publisher: Bloomsbury Publishing

ISBN: 1847318800

Category: Law

Page: 388

View: 6953

Professional services are a key component of the EU internal market economy yet also significantly challenge the legal framework governing this internal market. Indeed, specific professional regulatory structures, which are often the result of a blend of government and self-regulation, hold clear potential for conflict with EU free movement and competition law rules. Hence this book looks at the manner in which both free movement and competition laws might apply to such self- and co-regulatory set-ups, and at the leeway given to quality considerations (apparently) conflicting with free movement or competition objectives. In addition, since court action will seldom suffice to genuinely integrate a market, the book also explores those instruments of EU secondary legislation that are likely to impact the most on the provision of professional services. However, the book goes beyond a mere inventory to ask how EU Internal Market policy could contribute to the optimal legal environment for professional services. A law and economics analysis is employed to investigate the need for specific professional rules, the preferred type of regulator (self-, co- or government regulation), and the level - national and/or European - at which regulation should be adopted. As becomes clear, the story of the market for professional services is one of market and government failure; the author is thus left to compare imperfect situations where market failures compete with rent-seeking efforts, the tendency towards over-centralisation and national protectionism. This book offers both an in-depth legal analysis of the EU framework as it applies to professional services as well as a more normative evaluation of this framework based on insights from law and economics scholarship. It will therefore be a valuable resource for all practitioners, policy-makers and academics dealing with professional services, as well as, more generally, with questions of quality and self-regulation.

Public Environmental Law in the European Union and the United States

A Comparative Analysis

Author: René Seerden,Michiel Heldeweg,Kurt Deketelaere

Publisher: N.A

ISBN: N.A

Category: Law

Page: 583

View: 1749

This volume presents an overview of public environmental law in the European Union and the United States of America. It focusses on constitutional and administrative environmental law but also includes other areas of law such as criminal and private law (in as far as these are relevant to the understanding of public environmental law). The book offers a comparative introduction, by editors and native authors, to the most important aspects of environmental law (prevention of pollution). It thus aspires to contribute to both 'transboundary' understanding of different regimes for Environmental Law and to a greater co-operation between different international and European partners in their strive towards more adequate (legal) modes of protection and improvement of the environment. For the purpose of the use of this book in education, research and legal practice, the contributions to the book are all based on one and the same format, thus making it more accessible for its readers. The final chapter offers comparative remarks by the editors.

Accountability in Public Policy Partnerships

Author: J. Steets

Publisher: Springer

ISBN: 0230290612

Category: Political Science

Page: 264

View: 3484

A PDF version of this book is available for free in open access via the OAPEN Library platform, www.oapen.org. This book presents a new model of accountability which ensures that public-private partnerships don't erode public accountability. It defines concrete accountability standards for different types of partnerships.

Governance - Regieren in komplexen Regelsystemen

Eine Einführung

Author: Arthur Benz

Publisher: Springer-Verlag

ISBN: 3531901710

Category: Political Science

Page: 240

View: 8706

Governance: Ein Modebegriff oder ein sinnvolles wissenschaftliches Konzept? Das Buch erläutert das Konzept in unterschiedlichen Diskussionszusammenhängen und begründet seine Relevanz.

The Big Short - Wie eine Handvoll Trader die Welt verzockte

Author: Michael Lewis

Publisher: Campus Verlag

ISBN: 3593393573

Category: Political Science

Page: 319

View: 6871

"The Big Short" erzählt von der Erfindung einer monströsen Geldmaschine: Ein paar Hedgefond-Manager sehen das katastrophale Platzen der amerikanischen Immobilienblase nicht nur voraus, sondern sie wetten sogar im ganz großen Stil darauf. Den Kollaps des Systems befördern sie unter anderem mittels des sogenannten "shortings", Leerverkäufen von Aktien großer Investmentbanken. Doch zu jeder Wette gehört auf der anderen Seite auch einer, der sie hält. Lewis entlarvt anhand seiner Protagonisten ein System, das sich verselbständigt und mit moralischen Kategorien wie Habgier oder Maßlosigkeit längst nicht mehr zu fassen ist. Der Zusammenbruch der Finanzmärkte, so lernen wir in diesem Buch, war ein kurzer Moment der Vernunft: Der Wahnsinn hatte sich in den Jahren davor abgespielt.

Understanding European environmental regulation

Author: Turner T. Smith,Conference Board,Conference Board. European Council on Managing the Environment

Publisher: N.A

ISBN: N.A

Category: Law

Page: 40

View: 9710

"Focusses on the emerging system of environmental law in Europe, and contrasts it with the established framework in the United States. Designed for executives with general management responsibility for environmental affairs"--P. 5.

Internationale Politische Ökonomie

Eine Einführung

Author: Stefan A. Schirm

Publisher: UTB

ISBN: 382523780X

Category: Political Science

Page: 330

View: 8459

Stefan Schirm führt in die Grundlagen der Internationalen Politischen Ökonomie (IPÖ) von den neueren Theorien bis zu den aktuellen empirischen Politikfeldern (Globalisierung, Finanzmarktkrise) ein. Er legt so das Fundament für die systematische Integration der IPÖ in die politikwissenschaftliche Lehre und Forschung.. „Der Band sucht aufgrund seiner analytischen Schärfe, thematischen Breite und didaktischen Qualität in der hiesigen Wissenschaftslandschaft seinesgleichen“ (Internationale Politik 3 / 05, zur 1. Auflage).

The Economist

Author: N.A

Publisher: N.A

ISBN: N.A

Category: Commerce

Page: N.A

View: 4633

Congressional Record

Proceedings and Debates of the ... Congress

Author: N.A

Publisher: N.A

ISBN: N.A

Category: Law

Page: N.A

View: 407

The New European Agencies

conference report

Author: Robert Schuman Centre

Publisher: N.A

ISBN: N.A

Category: Law

Page: 130

View: 6649

Law and Ethics in Global Business

How to Integrate Law and Ethics Into Corporate Governance Around the World

Author: Brian L. Nelson

Publisher: McGraw Hill Professional

ISBN: 9780415377782

Category: Business & Economics

Page: 302

View: 8244

This book provides comprehensive and, above all, business focused guidance on the fundamentals of business law and how they should be integrated into ethical and effective business decisions. It concentrates on legal principles and thereby is able to articulate the impact of global business law and its international applications providing a comprehensive overview of the legal and ethical principles which both facilitate and regulate corporate business. This is an ambitious undertaking, yet arguably no more ambitious than the projects undertaken by global business leaders making business decisions around the world. The author combines the expertise of a long-term blue chip law background with the insights of an experienced business educator. Law and Ethics in Global Business is both a comprehensive course book for MBA study and an invaluable business reference source for any executive involved in global business.

Congressional Record

Author: United States. Congress

Publisher: N.A

ISBN: N.A

Category: Law

Page: N.A

View: 3938