Credit rating agencies on the watch list : analysis of European regulation / Raquel Garcia Alcubilla and Javier Ruiz del Pozo.

Format:

Book

Author/Creator:

García Alcubilla, Raquel.

Contributor:

Ruiz del Pozo, Javier.

Language:

English

Subjects (All):

Credit bureaus.

Credit bureaus--Government policy--Europe.

Credit ratings.

Credit ratings--Europe.

Physical Description:

1 online resource (311 p.)

Edition:

1st ed.

Place of Publication:

Oxford ; New York : Oxford University Press, 2012.

Language Note:

English

Summary:

Rating agencies judge how solvent banks and big companies are. Prior to the financial crisis they were too optimistic when rating the risk of the banks and this prompted politicians worldwide to issue new regulations. This book explains what rating agencies do, why they are so important for the economy and the new European Regulation.

Contents:

Cover; Contents; List of Tables; List of Abbreviations; Note to the Reader; 1. Introduction; 1.1 A History of Ratings and the Role of Rating Agencies; 1.1.1 Financial Markets Prior to Rating Agencies; 1.1.2 The Predecessors of Rating Agencies; 1.1.3 The Rise of Rating Agencies; 1.1.4 Role of Rating Agencies; 1.2 Rating Industry; 1.2.1 Characteristics; 1.2.2 Worldwide; 1.2.3 Europe; 1.3 Use of Ratings; 1.3.1 Use by Market Participants; 1.3.2 Use in Private Contracts; 1.3.3 Use in Regulation; 1.4 Rating Process; 1.4.1 Rating Process for Traditional Ratings

1.4.2 Rating Process for Structured Finance Instruments2. Financial Crisis: Global Regulatory Reaction; 2.1 Deficiencies in the Rating Industry; 2.1.1 Introduction; 2.1.2 Failures in Integrity; 2.1.3 Failures in Reliability; 2.1.4 Failures in Transparency; 2.1.5 Lack of Competition; 2.2 Global Initiatives; 2.2.1 Introduction; 2.2.2 G-20; 2.2.3 Financial Stability Board; 2.2.4 IOSCO; 2.2.5 Over-reliance on Ratings; 3. Analysis of the EU Credit Rating Agencies Regulation; 3.1 Background; 3.1.1 European Commission's Communication; 3.1.2 ESMA's Reports on Rating Agencies

3.1.3 European Commission's Regulation Proposal3.2 Supervisory Structure; 3.2.1 Colleges of Supervisors; 3.2.2 ESMA; 3.3 Definitions and Concepts; 3.3.1 Credit Rating and Rating Category; 3.3.2 Credit Rating Activities and Ancillary Services; 3.3.3 Credit Rating Agency and Group of Rating Agencies; 3.3.4 Persons Involved in Rating Activities; 3.3.5 Rated Entities and Rated Instruments; 3.3.6 Other Definitions; 3.4 Scope; 3.4.1 Ratings under the Scope; 3.4.2 Ratings and Credit Scores Outside the Scope; 3.5 Use of Ratings for Regulatory Purposes; 3.5.1 Introduction

3.5.2 Basel and Capital Requirements Directive3.5.3 ECAIs Recognition Process under the CRD; 3.5.4 Eligibility as Collateral by European Central Bank; 3.6 Registration Process and Requirements; 3.6.1 Rating Agencies Operating in Europe in 2010; 3.6.2 Scope for Registration; 3.6.3 Registration Process; 3.6.4 Withdrawal of Registration; 3.6.5 Notification and Publication; 3.6.6 Material Changes to Initial Conditions; 3.7 Supervision and Enforcement; 3.7.1 Introduction; 3.7.2 Supervision by ESMA; 3.7.3 Infringements; 3.7.4 Sanctioning Regime; 3.8 Substantive Requirements

3.8.1 Organization and Governance3.8.2 Business Activities and Resources; 3.8.3 Independence and Conflicts of Interest; 3.8.4 Methodologies, Models, and Key Assumptions; 3.8.5 Disclosure and Presentation of Ratings; 3.8.6 Transparency of Rating Agencies' Activities, Policies, and Procedures; 4. Use of Non-EU Ratings in the EU; 4.1 Procedures Set Out by the CRA Regulation; 4.1.1 Systemic Importance; 4.2 Endorsement; 4.2.1 Scope; 4.2.2 Conditions; 4.2.3 Responsibility of the Endorsing CRA; 4.2.4 Application for Endorsement; 4.2.5 Approval of Endorsement and Endorsing Activity

4.2.6 Changes to Endorsing Regime

Notes:

Description based upon print version of record.

Includes bibliographical references and index.

Description based on online resource; title from PDF title page (viewed on Apr. 19, 2012).

Description based on publisher supplied metadata and other sources.

ISBN:

9786613594839

0-19-162406-3

0-19-164099-9

1-280-49960-5

OCLC:

922971147