rdf-syntax-grammar
mods:
  schema location: http://www.loc.gov/mods/v3 http://www.loc.gov/standards/mods/v3/mods-3-2.xsd
  title info:
    title: Credit Rating Agencies
    sub title: Self-regulation, Statutory Regulation and Case Law Regulation in the United States and European Union
  name:
    name part: Hemraj, Mohammed.
    role:
      role term: creator
    role:
      role term: author.
  name:
    name part: SpringerLink (Online service)
  type of resource: text
  origin info:
    place:
      place term: gw
    date issued: 2015
    issuance: monographic
  language:
    language term: eng
  physical description:
    form: electronic
    form: electronic resource
    reformatting quality: access
    form: remote
    extent: XXVI, 266 p. online resource.
  abstract: 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 terminolog…
  table of contents: 1. 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?.
  note: by Mohammed Hemraj.
  subject:
    topic: Law
  subject:
    topic: Private international law
  subject:
    topic: Conflict of laws
  subject:
    topic: International law
  subject:
    topic: Comparative law
  subject:
    topic: Trade
  subject:
    topic: Macroeconomics
  subject:
    topic: Law
  subject:
    topic: International Economic Law, Trade Law
  subject:
    topic: Macroeconomics/Monetary Economics//Financial Economics
  subject:
    topic: Private International Law, International & Foreign Law, Comparative Law
  subject:
    topic: European Law
  classification: K3820-3836
  classification: 343.07
  related item:
    title info:
      title: Springer eBooks
  identifier: 9783319179278
  identifier: http://dx.doi.org/10.1007/978-3-319-17927-8
  record info:
    record creation date: 150622
    record change date: 20151204191117.0
    record identifier: 978-3-319-17927-8