Credit Rating Agencies have been criticised for their role in the financial crisis by understating risk and providing complex securities. The US subprime mortgage crisis highlighted deficiencies in the rating agencies' activities and this led to an international consensus to establish regulation of the rating business. Written by those involved in developing the EU Regulation, this book explains the global initiatives undertaken by the G-20, the Financial Stability Board, and IOSCO to address failures within the credit rating industry. It provides an overview of the new European System of...