Private Ratings Public Regulations
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| Author | : A. Kruck |
| Publisher | : Springer |
| Total Pages | : 221 |
| Release | : 2011-05-11 |
| Genre | : Political Science |
| ISBN | : 0230307388 |
Credit rating agencies play a powerful and contentious role in the governance of global financial markets. Introducing an original framework for delegating political authority to private actors, this book explains common trends in the regulatory use of private ratings for public purposes and analyzes regulatory changes after the Financial Crisis.
| Author | : Mads Andenas |
| Publisher | : Routledge |
| Total Pages | : 556 |
| Release | : 2013-11-20 |
| Genre | : Law |
| ISBN | : 113504337X |
Financial regulation has entered into a new era, as many foundational economic theories and policies supporting the existing infrastructure have been and are being questioned following the financial crisis. Goodhart et al’s seminal monograph "Financial Regulation: Why, How and Where Now?" (Routledge:1998) took stock of the extent of financial innovation and the maturity of the financial services industry at that time, and mapped out a new regulatory roadmap. This book offers a timely exploration of the "Why, How and Where Now" of financial regulation in the aftermath of the crisis in order to map out the future trajectory of financial regulation in an age where financial stability is being emphasised as a key regulatory objective. The book is split into four sections: the objectives and regulatory landscape of financial regulation; the regulatory regime for investor protection; the regulatory regime for financial institutional safety and soundness; and macro-prudential regulation. The discussion ranges from theoretical and policy perspectives to comprehensive and critical consideration of financial regulation in the specifics. The focus of the book is on the substantive regulation of the UK and the EU, as critical examination is made of the unravelling and the future of financial regulation with comparative insights offered where relevant especially from the US. Running throughout the book is consideration of the relationship between financial regulation, financial stability and the responsibility of various actors in governance. This book offers an important contribution to continuing reflections on the role of financial regulation, market discipline and corporate responsibility in the financial sector, and upon the roles of regulatory authorities, markets and firms in ensuring the financial health and security of all in the future.
| Author | : |
| Publisher | : |
| Total Pages | : 76 |
| Release | : 2015 |
| Genre | : Credit bureaus |
| ISBN | : |
"The 2008 financial crisis focused attention on the credit rating agencies and their impact on financial markets. At the time, there was very little regulation of the agencies in Europe. In 2011, the European Securities and Markets Authority (ESMA) was created to register, monitor and supervise them. This report examines whether ESMA has successfully established itself as the credit rating agencies watchdog for the EU. We conclude that while ESMA has laid down good foundations, its rules and guidelines are not yet complete and significant risks remain to be addressed in the future."--Publisher's description.
| Author | : Susan K. Sell |
| Publisher | : Cambridge University Press |
| Total Pages | : 244 |
| Release | : 2003 |
| Genre | : Business & Economics |
| ISBN | : 9780521525398 |
Analysis of the power of multinational corporations in moulding international law on intellectual property rights.
| Author | : Kimberly J. Morgan |
| Publisher | : Cambridge University Press |
| Total Pages | : 427 |
| Release | : 2017-02-27 |
| Genre | : Political Science |
| ISBN | : 110713529X |
This book offers a sampling of cutting-edge research on the state, pointing to future directions for research and providing innovative ways of theorizing states.
| Author | : United States. Congressional Oversight Panel |
| Publisher | : |
| Total Pages | : 124 |
| Release | : 2009 |
| Genre | : Financial crises |
| ISBN | : |
| Author | : Virginia Haufler |
| Publisher | : Carnegie Endowment |
| Total Pages | : 174 |
| Release | : 2013-01-25 |
| Genre | : Business & Economics |
| ISBN | : 0870033379 |
Increasing economic competition combined with the powerful threat of transnational activism are pushing firms to develop new political strategies. Over the past decade a growing number of corporations have adopted policies of industry self-regulation—corporate codes of conduct, social and environmental standards, and auditing and monitoring systems. A Public Role for the Private Sector explores the phenomenon of industry self-regulation through three different cases—environment, labor, and information privacy—where corporate leaders appear to be converging on industry self-regulation as the appropriate response to competing pressures. Political and economic risks, reputational effects, and learning within the business community all influence the adoption of a self-regulatory strategy, but there are wide variations in the strength and character of it across industries and issue areas. Industry self-regulation raises significant questions about the place of the private sector in regulation and governance, and the accountability, legitimacy and power of industry at a time of rapid globalization.
| Author | : Catherine E. Rudder |
| Publisher | : Brookings Institution Press |
| Total Pages | : 225 |
| Release | : 2016-07-12 |
| Genre | : Political Science |
| ISBN | : 0815728999 |
How private groups increasingly set public policy and regulate lives—with little public knowledge or attention. From accrediting doctors and lawyers to setting industry and professional standards, private groups establish many of the public policies in today’s advanced societies. Yet this important role of nongovernmental groups is largely ignored by those who study, teach, or report on public policy issues. Public Policymaking by Private Organizations sheds light on policymaking by private groups, which are not accountable to the general public or, often, even to governments. This book brings to life the hidden world of policymaking by providing an overview of this phenomenon and in-depth case studies in the areas of finance, food safety, and certain professions. Far from being merely self regulation or self-governance, policymaking by private groups, for good or ill, can have a substantial impact on the broader public—from ensuring the safety of our home electrical appliances to vetting the credit-worthiness of complex financial instruments in the run-up to the 2008 financial crisis. From nonprofit associations to multinational corporations, private policymaking groups are everywhere. They certify professionals as competent, establish industry regulations, and set technical and professional standards. But because their operations lack the transparency and accountability required of governmental bodies, these organizations comprise a policymaking territory that is largely unseen, unreported, uncharted, and not easily reconciled with democratic principles. Anyone concerned about how policies are made—and who makes them—should read this book.
| Author | : Asian Development Bank |
| Publisher | : |
| Total Pages | : 64 |
| Release | : 2008 |
| Genre | : Credit ratings |
| ISBN | : |
| Author | : Raquel García Alcubilla |
| Publisher | : OUP Oxford |
| Total Pages | : 320 |
| Release | : 2012-03-29 |
| Genre | : Business & Economics |
| ISBN | : 0191640999 |
Credit rating agencies have been criticized for their role in the financial crisis by understating credit risk. The US subprime mortgage crisis highlighted the systemic relevance of the rating agencies and the deficiencies in their activities; this led to an international consensus to regulate the rating business. Written by those involved in developing European Legislation, this book explains EU Regulation in the context of global initiatives undertaken by the G-20, the Financial Stability Board, and IOSCO to address failures within the rating industry. Through an in-depth analysis of the EU Regulation's requirements on governance, conflicts of interest, methodologies, and transparency, the book provides a clear explanation of how rating agencies operate and how the identified failures have been addressed. Moreover, it examines the supervisory and enforcement powers of ESMA, the EU authority in charge of the registration and oversight of rating agencies. This is complemented with 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, in light of the Euro debt sovereign crisis. It concludes with the authors' support for an enhanced regulatory and oversight coordination at international level and for the implementation of the necessary steps to reduce the existing over-reliance on ratings.
