EBOOK Credit Rating Agencies on the Watch List:Analysis of European Regulation -

EBOOK Credit Rating Agencies on the Watch List:Analysis of European Regulation
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Wydawnictwo: Oxford University Press
ISBN: 9780191640995
EAN: 6EEF943BEB
Format: 0,0 x 0,0 x 0,0
Oprawa: ...
Stron: 320
Data wydania: 2012
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Credit rating agencies have been criticized for their role in the financial crisis        by understating credit risk. The US subprime mortgage crisis highlighted the        systemic relevance of the rating agencies and the deficiencies in their activities;        this led to an international consensus to regulate the rating business. Written by        those involved in developing European Legislation, this book explains EU Regulation        in the context of global initiatives undertaken by the G-20, the FinancialStability        Board, and IOSCO to address failures within the rating industry.Through an in-depth        analysis of the EU Regulation's requirements on governance, conflicts of interest,        methodologies, and transparency, the book provides a clear explanation of how rating        agencies operate and how the identified failures have been addressed. Moreover, it        examines the supervisory and enforcement powers of ESMA, the EU authority in charge        of the registration and oversight of rating agencies. This is complemented with an        analysis of guidance from supervisors (ESMA and EBA), IOSCO'srecommendations, and US        legislation. The book discusses possible new regulatory developments in areas such        as the agencies' business model, competition, civil liability, and ratings of        sovereign debt, in light of the Euro debt sovereign crisis. It concludes with the        authors' support for an enhancedregulatory and oversight coordination at        international level and for the implementation of the necessary steps to reduce the        existing over-reliance on ratings.

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