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Credit Ratings and Market Over-reliance: An International Legal Analysis

Francesco De Pascalis

ISBN13: 9789004341845

Published: July 2017

Publisher: Brill Nijhoff

Country of Publication: The Netherlands

Format: Hardback

Price: £139.00

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Taking position from the recent 2007-2009 financial crisis, Credit Ratings and Market Over-reliance: An International Legal Analysis by Francesco De Pascalis provides an in depth legal and regulatory analysis of the concept of over-reliance in the use of ratings and how regulation facilitates over-reliance is different from mere reliance on credit ratings.

Not only does the book provide an incisive doctrinal analysis of the concept of over-reliance, it also considers over-reliance from a comparative and international perspective by reviewing legal and regulatory developments under European Union and US law and how over-reliance has been addressed in international financial regulation.

Subjects:: Banking and Finance

Contents:: 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; 2.1.1 The Credit Rating Industry: Origins and Development; 2.1.2 Credit Ratings: Categories and Formation Process; 2.1.3 Credit Ratings as Opinions on Creditworthiness; 2.1.4 cra Informational Services; 2.1.5 The cra Monitoring Services: Outlook and Watch-List Procedures; 2.1.6 Users of cra Services; 2.2 The Public Sector’s Reliance on Credit Ratings; 2.2.1 cras as Certification Providers; 2.2.2 Clarifying the Certification Function of cras; 2.2.3 Understanding the Regulatory Reliance on Credit Ratings; 2.2.4 Mapping 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; 3.1.1 Downgrades, Rating Triggers and Liquidity Problems; 3.1.2 Cliff-Edge Effects and Herd Behaviours; 3.1.3 Systemic Risk and Spill-Over Effects Across Markets; 3.1.4 Rating-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; 4.1.1 Detecting the Phenomenon: Over-Reliance in the US Pre-crisis Regulatory Debate on CRAs; 4.1.2 Over-Reliance in the eu Pre-crisis Regulatory Debate on cras; 4.1.3 The Sources of Over-Reliance: Rating-Based Regulation versus the Structured Finance Sector; 4.1.4 Closing 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; 5.1.1 US Level: Section 939A of the Dodd-Frank Act: Reliance versus Over-Reliance; 5.1.2 The fsb Principles for Reducing Reliance on Credit Ratings: Searching for Over-Reliance; 5.1.3 The 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; 6.1.1 Normative Approaches in Focus; 6.1.2 Implementation Process in Focus; 6.2 The Status of the us Reforms under Section 939A of the Dodd-Frank Act; 6.2.1 The Early Debate on Section 939A; 6.2.2 us Federal Agencies Reform Processes; 6.2.3 The 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