The Governance of Credit Rating Agencies


The Governance of Credit Rating Agencies

Regulatory Regimes and Liability Issues

9781786439932 Edward Elgar Publishing
Andrea Miglionico, School of Law, University of Reading, UK
Publication Date: 2019 ISBN: 978 1 78643 993 2 Extent: 360 pp
The global crisis revealed that credit rating agencies (CRAs) are capable of bringing about potential distortions in the financial sector, thereby resulting in a reduction in market confidence which, in turn, influences negotiations and expectations. CRAs need to be held accountable for lack of transparency and inaccurate ratings, however the existing regulatory framework does not secure adequate investor protection. This book provides a new and important contribution to research in the area, at a crucial time in the debate around financial regulation and investment regimes.

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This book takes an interdisciplinary approach, linking the law and policy surrounding financial markets regulation in order to fill the gap in the analysis and understanding of the most salient issues related to the role of credit rating agencies (CRAs).

Key features include:

• A critical appraisal of the ratings information system and the potential risks of disclosure failure

• Questioning how regulators can shape a proper responsibility for CRAs in the aftermath of the EU civil liability regime for rating agencies introduced by the CRA Regulation 2013 and the professional liability introduced by the US Dodd-Frank Act 2010

• Assessment of CRAs’ liability regimes in light of the recent developments in case law

• Analysis of the major weaknesses in legislative reforms adopted in the United States, the United Kingdom and the European Union, and suggestions for enhancing the current regulatory system of CRAs.

The Governance of Credit Rating Agencies will be a valuable resource for those researching law and economic aspects of securities markets. Professionals in law firms with banking or financial services regulation practice, global rating firms, commercial banks, investment banks, international financial institutions and prudential regulatory agencies will also find this book an essential point of reference.
Critical Acclaim
‘Certainly an important contribution to the field of credit rating regulation research.’
– Daniel Cash, Banking & Finance Law Review

‘The layering of the analysis in three parts in this book provides real insight into the market within which CRAs operate. This book is a must-read for all those interested in how CRAs make decisions, the restraints on the market as a whole and the legal landscape in which they function.’
– Jonathan Hardman, The Edinburgh Law Review

‘Dr Andrea Miglionico’s excellent book is an essential reading for anyone that wishes to understand what went wrong with credit rating agencies in the run up to the global financial crisis and the regulatory responses that have taken place in response to the crisis. The analysis of liability issues is both original and timely given the regulatory and business implications of ratings for banks and fund managers generally.’
– Rosa Maria Lastra, Queen Mary University of London, UK
Contents: Preface PART I THE BUSINESS OF CREDIT RATING 1. The Credit Rating Industry 2. Business Model of CRAs PART II THE REGULATION OF CRAs 3. Global Regulatory Framework 4. The US Regime 5. The EU Regime 6. The UK Regime PART III LIABILITY OF CRAs 7. United Kingdom 8. United States 9. European Union 10. Australia PART IV CONCLUSIONS 11. Findings of the Research Bibliography Index

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