LEADER 05077nam 22007575 450 001 9910483177703321 005 20200919161400.0 010 $a3-319-17927-6 024 7 $a10.1007/978-3-319-17927-8 035 $a(CKB)3710000000436828 035 $a(EBL)2094788 035 $a(SSID)ssj0001524835 035 $a(PQKBManifestationID)11845552 035 $a(PQKBTitleCode)TC0001524835 035 $a(PQKBWorkID)11485057 035 $a(PQKB)10787591 035 $a(DE-He213)978-3-319-17927-8 035 $a(MiAaPQ)EBC2094788 035 $a(PPN)186395981 035 $a(EXLCZ)993710000000436828 100 $a20150622d2015 u| 0 101 0 $aeng 135 $aur|n|---||||| 181 $ctxt 182 $cc 183 $acr 200 10$aCredit Rating Agencies $eSelf-regulation, Statutory Regulation and Case Law Regulation in the United States and European Union /$fby Mohammed Hemraj 205 $a1st ed. 2015. 210 1$aCham :$cSpringer International Publishing :$cImprint: Springer,$d2015. 215 $a1 online resource (291 p.) 300 $aDescription based upon print version of record. 311 $a3-319-17926-8 320 $aIncludes bibliographical references and index. 327 $a1. Theories, Rating Failure and the Subprime Mortgage Crisis -- 2. US and EU Soft Law ? Self-regulation.- 3. US Statutory Regulation.- 4. EU Statutory Regulation.- 5. US Case Law Regulation -- 6. Regulation: Success or Failure?. 330 $aThe 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. 606 $aInternational law 606 $aTrade 606 $aMacroeconomics 606 $aPrivate international law 606 $aConflict of laws 606 $aLaw?Europe 606 $aInternational Economic Law, Trade Law$3https://scigraph.springernature.com/ontologies/product-market-codes/R19050 606 $aMacroeconomics/Monetary Economics//Financial Economics$3https://scigraph.springernature.com/ontologies/product-market-codes/W32000 606 $aPrivate International Law, International & Foreign Law, Comparative Law $3https://scigraph.springernature.com/ontologies/product-market-codes/R14002 606 $aEuropean Law$3https://scigraph.springernature.com/ontologies/product-market-codes/R20000 615 0$aInternational law. 615 0$aTrade. 615 0$aMacroeconomics. 615 0$aPrivate international law. 615 0$aConflict of laws. 615 0$aLaw?Europe. 615 14$aInternational Economic Law, Trade Law. 615 24$aMacroeconomics/Monetary Economics//Financial Economics. 615 24$aPrivate International Law, International & Foreign Law, Comparative Law . 615 24$aEuropean Law. 676 $a332 676 $a340 676 $a340.2 676 $a340.9 676 $a341.2422 676 $a343.07 700 $aHemraj$b Mohammed$4aut$4http://id.loc.gov/vocabulary/relators/aut$01229669 906 $aBOOK 912 $a9910483177703321 996 $aCredit Rating Agencies$92854355 997 $aUNINA