Credit rating agency liability in Europe - D.J. Verheij - ebook

The credit rating industry called for many debates on its civil liability since the origin of the industry at the beginning of the twentieth century. In 2013, the Union legislature introduced a right to damages, which issuers and investors can directly enforce against credit rating agencies under Article 35a CRA Regulation. This provision has drawn attention because of its remarkable structure: Article 35a CRA Regulation introduced a legal ground for civil liability at the European level, while general tort law has not been harmonised at the European level. This book investigates Article 35a CRA Regulation from multiple legal perspectives. Combining EU law, Private International Law and Dutch, French, German and English national private law, this book answers the main question of whether Article 35a CRA Regulation achieves its post-crisis goal of being an adequate right of redress for issuers and investors whilst it has to be interpreted under various systems of national law. In answer…

Europe has the image of a slow moving old lady. However, this is a misleading picture. As a matter of fact, the 'Old Continent' is bristling with life and mobility, and many fear that much of this is of a criminal nature. This criminal mobility is supposed to be aggravated by the accompanying movement of crime-money. It is true, Europe is 'on the move', legally and criminally. But this is all but a new phenomenon. Europe has always been an open space in whichpeople were moving around looking for (illegal) opportunities. This has not changed basically. Some of the wandering luck seekers operate aspredators, looking for objects to steel. Others offer services which areprohibited, either itself or in the way in which they are organised. The oldest of those services being sex. Naturally, the crime-monies from these flexible criminal economic activities have to move too. To block this financial movement an elaborate defence system has been established:the anti-laundering chain of financial …