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The Governance of Credit Rating Agencies

Regulatory Regimes and Liability Issues

Andrea Miglionico

The global crisis revealed that credit rating agencies (CRAs) are capable of bringing about potential distortions in the financial sector, thereby resulting in a reduction in market confidence which, in turn, influences negotiations and expectations. CRAs need to be held accountable for lack of transparency and inaccurate ratings, however the existing regulatory framework does not secure adequate investor protection. This book provides a new and important contribution to research in the area, at a crucial time in the debate around financial regulation and investment regimes.
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ACKNOWLEDGEMENTS

Andrea Miglionico

This book has benefitted from the effort and support of Robert Bray, the consultant editor. His insightful thoughts and encouragement together with his helpful observations have been a significant source of inspiration. His time, input and knowledge have been invaluable over this period of research. He assisted with every chapter, and contributed in other ways that are too numerous to acknowledge here. He has generously spent a considerable amount of time reading and commenting on this manuscript.

The author would particularly like to thank Professor Rosa Lastra, Professor Rodrigo Olivares-Caminal and Professor Ioannis Kokkoris for their guidance in helping him to develop a critical, scholarly approach. Sincere thanks are also due to Professor Niamh Moloney and Professor Iain MacNeil for their useful and stimulating comments provided at the inception of this work.

The author also owes a debt of gratitude to and acknowledges the welcome assistance of Ben Booth, the commissioning editor, of Edward Elgar Law, and Iram Satti and Amber Watts, the assistant commissioning editors, for their perceptive suggestions and advice on an early draft. Their constructive feedback and rigorous competence significantly enhanced the content of this work. Special thanks are due to Jenny Lee the editorial assistant, Sarah Brown the Senior Desk Editor and Helen Kitto the copy editor for reviewing the manuscript so meticulously. The author would also wish to thank Professor Roger McCormick, the series editor of the Elgar Financial Law and Practice Series, for his feedback on various aspects of the original book.

The author is particularly grateful to the Centre for Commercial Law and Financial Regulation, University of Reading Law School, and the Banking and Finance Institute at the Centre for Commercial Law Studies, Queen Mary University of London, for their intellectual and institutional support.

Finally, the author would like to thank his family and friends for their unwavering love, patience and forbearance throughout the time of this academic research. Without their continual encouragement, completing this work would have been impossible.