Credit Ratings and Market Over-reliance: An International Legal Analysis: Nijhoff International Trade Law Series, cartea 15
Autor Francesco De Pascalisen Limba Engleză Hardback – 5 iul 2017
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Specificații
ISBN-13: 9789004341845
ISBN-10: 9004341846
Pagini: 234
Dimensiuni: 155 x 235 mm
Greutate: 0 kg
Editura: Brill
Colecția Brill | Nijhoff
Seria Nijhoff International Trade Law Series
ISBN-10: 9004341846
Pagini: 234
Dimensiuni: 155 x 235 mm
Greutate: 0 kg
Editura: Brill
Colecția Brill | Nijhoff
Seria Nijhoff International Trade Law Series
Cuprins
Foreword
Preface
List of Abbreviations
1 Reliance versus Over-reliance
1.1 Contextual Setting
1.2 A Holistic Study of Over-reliance
1.3 Book Structure
2 The ‘Good’ Aspects of Credit Ratings: A Basis for Reliance
Introduction
2.1 The Importance of Credit Ratings in the Financial Markets: The Reliance of the Private Sector
2.1.1The Credit Rating Industry: Origins and Development
2.1.2Credit Ratings: Categories and Formation Process
2.1.3Credit Ratings as Opinions on Creditworthiness
2.1.4cra Informational Services
2.1.5The cra Monitoring Services: Outlook and Watch-List Procedures
2.1.6Users of cra Services
2.2 The Public Sector’s Reliance on Credit Ratings
2.2.1cras as Certification Providers
2.2.2Clarifying the Certification Function of cras
2.2.3Understanding the Regulatory Reliance on Credit Ratings
2.2.4Mapping the Regulatory Use of Credit Ratings
Concluding Remarks
3 Reliance Versus Influence: A Roadmap toward the Risk of Over-Reliance
Introduction
3.1 Negative Effects of Rating Changes and the Role of Rating-Based Regulation
3.1.1Downgrades, Rating Triggers and Liquidity Problems
3.1.2Cliff-Edge Effects and Herd Behaviours
3.1.3Systemic Risk and Spill-Over Effects Across Markets
3.1.4Rating-Based Regulation and Its Implications: A Critical Review
Concluding Remarks
4 Over-Reliance on External Credit Ratings: In Search of a Meaning
Introduction
4.1 Understanding Over-Reliance on Credit Ratings
4.1.1Detecting the Phenomenon: Over-Reliance in the US Pre-crisis Regulatory Debate on CRAs
4.1.2Over-Reliance in the eu Pre-crisis Regulatory Debate on cras
4.1.3The Sources of Over-Reliance: Rating-Based Regulation versus the Structured Finance Sector
4.1.4Closing the Gap: Defining Over-Reliance on External Credit Ratings
Concluding Remarks
5 Regulatory Approaches at the National, International and Regional Levels to Address Over-Reliance on Credit Ratings
Introduction
5.1 The Evolution of the Regulatory Debate
5.1.1US Level: Section 939A of the Dodd-Frank Act: Reliance versus Over-Reliance
5.1.2The fsb Principles for Reducing Reliance on Credit Ratings: Searching for Over-Reliance
5.1.3The European cra Regulation iii: Confirming Over-Reliance
Concluding Remarks
6 Regulatory Approaches against Over-Reliance and Their Implementation
Introduction
6.1 In Search of Effectiveness
6.1.1Normative Approaches in Focus
6.1.2Implementation Process in Focus
6.2 The Status of the us Reforms under Section 939A of the Dodd-Frank Act
6.2.1The Early Debate on Section 939A
6.2.2us Federal Agencies Reform Processes
6.2.3The us Reforms: A Critical Review in Relation to the Risk of Over-Reliance
6.3 The Status of the eu Reforms under the cra iii Regulation
6.3.1 The Work of the esas
6.3.2 The eba’s, Mandate
6.3.3 The esma’s Mandate
6.3.4 Perspectives on the eu Approach in the Future
6.4 The eu Approach: A Critical Review
6.5 A More Independent Credit Risk Analysis: From Theory to Practice
6.5.1 The Status of Implementation
6.5.2 The Second Level of the Approach: A Critical Review
Concluding Remarks
7 Reviewing the Debate on Over-Reliance and Approaches against it
Introduction
7.1 Credit Rating References and the ‘Official Seal of Approval’: What Has been Missed?
7.1.1 cra Market Failures and Regulatory Interventions
7.1.2 Evidence of Over-Reliance in the Structured Finance Sector
7.1.3 Evidence of Over-Reliance on Credit Rating Legislative References
7.2 Anticipating the Post-Crisis Debate on Over-Reliance
7.2.1 cra Message to the Regulators
7.2.2 cra Message to the Users of Credit Ratings
Concluding Remarks
8 Conclusions
8.1 Taking Stock of the Situation
8.2 Developing an Assertion into Certainty: Providing Evidence of Over-reliance
8.3 Encouraging More Dialogue and Coordination at All Levels
8.4 Ensuring More of a Level-Playing Field among Credit Risk Assessment Tools
8.5 Looking Ahead
Concluding Remarks
Bibliography
Index
Preface
List of Abbreviations
1 Reliance versus Over-reliance
1.1 Contextual Setting
1.2 A Holistic Study of Over-reliance
1.3 Book Structure
2 The ‘Good’ Aspects of Credit Ratings: A Basis for Reliance
Introduction
2.1 The Importance of Credit Ratings in the Financial Markets: The Reliance of the Private Sector
2.1.1The Credit Rating Industry: Origins and Development
2.1.2Credit Ratings: Categories and Formation Process
2.1.3Credit Ratings as Opinions on Creditworthiness
2.1.4cra Informational Services
2.1.5The cra Monitoring Services: Outlook and Watch-List Procedures
2.1.6Users of cra Services
2.2 The Public Sector’s Reliance on Credit Ratings
2.2.1cras as Certification Providers
2.2.2Clarifying the Certification Function of cras
2.2.3Understanding the Regulatory Reliance on Credit Ratings
2.2.4Mapping the Regulatory Use of Credit Ratings
Concluding Remarks
3 Reliance Versus Influence: A Roadmap toward the Risk of Over-Reliance
Introduction
3.1 Negative Effects of Rating Changes and the Role of Rating-Based Regulation
3.1.1Downgrades, Rating Triggers and Liquidity Problems
3.1.2Cliff-Edge Effects and Herd Behaviours
3.1.3Systemic Risk and Spill-Over Effects Across Markets
3.1.4Rating-Based Regulation and Its Implications: A Critical Review
Concluding Remarks
4 Over-Reliance on External Credit Ratings: In Search of a Meaning
Introduction
4.1 Understanding Over-Reliance on Credit Ratings
4.1.1Detecting the Phenomenon: Over-Reliance in the US Pre-crisis Regulatory Debate on CRAs
4.1.2Over-Reliance in the eu Pre-crisis Regulatory Debate on cras
4.1.3The Sources of Over-Reliance: Rating-Based Regulation versus the Structured Finance Sector
4.1.4Closing the Gap: Defining Over-Reliance on External Credit Ratings
Concluding Remarks
5 Regulatory Approaches at the National, International and Regional Levels to Address Over-Reliance on Credit Ratings
Introduction
5.1 The Evolution of the Regulatory Debate
5.1.1US Level: Section 939A of the Dodd-Frank Act: Reliance versus Over-Reliance
5.1.2The fsb Principles for Reducing Reliance on Credit Ratings: Searching for Over-Reliance
5.1.3The European cra Regulation iii: Confirming Over-Reliance
Concluding Remarks
6 Regulatory Approaches against Over-Reliance and Their Implementation
Introduction
6.1 In Search of Effectiveness
6.1.1Normative Approaches in Focus
6.1.2Implementation Process in Focus
6.2 The Status of the us Reforms under Section 939A of the Dodd-Frank Act
6.2.1The Early Debate on Section 939A
6.2.2us Federal Agencies Reform Processes
6.2.3The us Reforms: A Critical Review in Relation to the Risk of Over-Reliance
6.3 The Status of the eu Reforms under the cra iii Regulation
6.3.1 The Work of the esas
6.3.2 The eba’s, Mandate
6.3.3 The esma’s Mandate
6.3.4 Perspectives on the eu Approach in the Future
6.4 The eu Approach: A Critical Review
6.5 A More Independent Credit Risk Analysis: From Theory to Practice
6.5.1 The Status of Implementation
6.5.2 The Second Level of the Approach: A Critical Review
Concluding Remarks
7 Reviewing the Debate on Over-Reliance and Approaches against it
Introduction
7.1 Credit Rating References and the ‘Official Seal of Approval’: What Has been Missed?
7.1.1 cra Market Failures and Regulatory Interventions
7.1.2 Evidence of Over-Reliance in the Structured Finance Sector
7.1.3 Evidence of Over-Reliance on Credit Rating Legislative References
7.2 Anticipating the Post-Crisis Debate on Over-Reliance
7.2.1 cra Message to the Regulators
7.2.2 cra Message to the Users of Credit Ratings
Concluding Remarks
8 Conclusions
8.1 Taking Stock of the Situation
8.2 Developing an Assertion into Certainty: Providing Evidence of Over-reliance
8.3 Encouraging More Dialogue and Coordination at All Levels
8.4 Ensuring More of a Level-Playing Field among Credit Risk Assessment Tools
8.5 Looking Ahead
Concluding Remarks
Bibliography
Index
Notă biografică
Francesco De Pascalis, Ph.D. (2015) is lecturer in financial law at Brunel University London and associate research fellow at IALS University of London. He published several articles on the regulation of credit rating agencies in established journals, including Oxford Journals.