Self-regulation, Statutory Regulation and Case Law Regulation in the United States and European Union
Author: Mohammed Hemraj
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.
Restraining Ancillary Services
Author: Daniel Cash
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.
Author: Daniel Cash
Category: Business & Economics
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’).
Quality Regulation and Self-Regulation
Author: Tinne Heremans
Publisher: Bloomsbury Publishing
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.
Category: Banks and banking, Central
Author: Robert Schuman Centre
Category: Environmental protection
Category: Economic history
Author: Michael Lewis
Publisher: Campus Verlag
Category: Political Science
"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.
Deutsche Ausgabe auf der Grundlage der überarbeiteten englischen Druckfassung 2014/15
Author: Jens-Peter Schneider,Herwig C. H. Hofmann,Jaques Ziller
Author: Stefan A. Schirm
Category: Political Science
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).
Category: International agencies
Beginning in 1983/84 published in 3 vols., with expansion to 6 vols. by 2007/2008: vol. 1--Organization descriptions and cross references; vol. 2--Geographic volume: international organization participation; vol. 3--Subject volume; vol. 4--Bibliography and resources; vol. 5--Statistics, visualizations and patterns; vol. 6--Who's who in international organizations. (From year to year some slight variations in naming of the volumes).
Issues in Clinical Psychology, Psychiatry, and Counseling: 2011 Edition is a ScholarlyEditions™ eBook that delivers timely, authoritative, and comprehensive information about Clinical Psychology, Psychiatry, and Counseling. The editors have built Issues in Clinical Psychology, Psychiatry, and Counseling: 2011 Edition on the vast information databases of ScholarlyNews.™ You can expect the information about Clinical Psychology, Psychiatry, and Counseling in this eBook to be deeper than what you can access anywhere else, as well as consistently reliable, authoritative, informed, and relevant. The content of Issues in Clinical Psychology, Psychiatry, and Counseling: 2011 Edition has been produced by the world’s leading scientists, engineers, analysts, research institutions, and companies. All of the content is from peer-reviewed sources, and all of it is written, assembled, and edited by the editors at ScholarlyEditions™ and available exclusively from us. You now have a source you can cite with authority, confidence, and credibility. More information is available at http://www.ScholarlyEditions.com/.
Proceedings and Debates of the ... Congress
Author: Tim S. Gray
Publisher: Springer Science & Business Media
The central message of the book is that stakeholder participation in the governance of fisheries is beneficial, but confers responsibilities as well as rights: all stakeholders have a public duty to act as stewards of the marine environment. With chapters by leading scholars and participants in fisheries governance, this book recounts contemporary techniques of public participation, and develops a new concept of environmental stewardship as a form of fisheries governance.