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

Hardcover | April 29, 2012

byRaquel Garcia Alcubilla, Javier Ruiz del Pozo

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Credit Rating Agencies have been criticised for their role in the financial crisis by understating risk and providing complex securities. The US subprime mortgage crisis highlighted deficiencies in the rating agencies' activities and this led to an international consensus to establishregulation of the rating business. Written by those involved in developing the EU Regulation, this book explains the global initiatives undertaken by the G-20, the Financial Stability Board, and IOSCO to address failures within the credit rating industry. It provides an overview of the new EuropeanSystem of Financial Supervisors implemented as a reaction to the crisis and examines the supervisory and enforcement powers of ESMA, the new authority in charge of the registration and oversight of rating agencies. Through an in-depth analysis of the European Regulation's requirements on governance, conflicts of interest, methodologies, disclosures, and transparency, the book provides a clear explanation of how rating agencies operate and how the identified failures have been addressed. This is complementedwith an analysis of guidance from supervisors (ESMA and EBA), IOSCO's recommendations, 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. It concludes with theauthors' support for an enhanced regulatory and oversight coordination at global level, a reduction of the existing over-reliance on ratings, and a concentration of resources on the enforcement of the current regulatory regime.

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Credit Rating Agencies have been criticised for their role in the financial crisis by understating risk and providing complex securities. The US subprime mortgage crisis highlighted deficiencies in the rating agencies' activities and this led to an international consensus to establishregulation of the rating business. Written by those ...

Raquel Garcia Alcubilla has developed her career in different departments of the CNMV, mainly in the Primary Markets division. From 2006 to 2010 she combined her job at the CNMV with the position of senior officer in ESMA for the areas of rating agencies, prospectus, and takeovers. She graduated in Law and in Economics at the Comillas ...
Format:HardcoverDimensions:320 pages, 9.21 × 6.14 × 0.98 inPublished:April 29, 2012Publisher:Oxford University PressLanguage:English

The following ISBNs are associated with this title:

ISBN - 10:0199608865

ISBN - 13:9780199608867

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Table of Contents

1. Introduction2. Financial Crisis: Global Regulatory Reaction3. Analysis of the EU Credit Rating Agencies Regulation4. Use of Non-EU Ratings in the EU5. Future DevelopmentsAppendicesGlossary