74 ar antdi nsgusb ws eeqrue e(natncdo lrl ea mp saei no )f twh ei dbeal yn kuisnegds iyns ttehme (bBaonnkgi na ge rst ys sette aml . , f2o 0r 1d2e)t, earsmcirneidnigt cAamp ti teanl br reiqnuki, r2e 0m1e1n)t. sT, ha ne iamb ipl iot ryt oa fn itnevl ee smt oe rnst ai nn dp rout dh ee nr tmi aal rskueptepr av ri st ii oc inp (aDn et sHt ao arne l&y oi nna dC eRqAusa’ trei sikn faosrsme sastmi oennot sn wt hoeu cl dr ebdei tdqi mu ai nl i it syhoefds ief ctuhrei itri ersa. tRi nagt isnwg ef ar ei l ut or eps rionv ti dh ee US sub-prime mortgage-backed securities market had systematic consequences, which contributed to the global financial crisis that started in 2007-2008. As a rt he se ual tc, csoi nu nc et atbhiel int ys eavnedr atlrraengsuplaart eo nr yc yc hi na ntghees rhaatvi ne gb eper no ci ems ps el es moef nCtRe dA st o( isme ep, reo. vg e. , Di nifmo ri tmr oavt i oent a la l c. , o 2n 0t e1n5t ; oKni essterlu, c2t u0 r1e6d) . f iTnhaenscee rseegcuulrai tt ii oe ns s a vaai mi l a bt ol e i tnoc rienavsees t tohr es and to reduce the potential influence of issuers on rating processes (Bolton et aAlc. ,t 2t0h1e2 )r.eFqouri reexma me npt l ef o, pr otlhi cey -SmEaCk et or s ai nn atlhyez eU Sr aitni nt rgo dpurcoecde svsieas t haen dD ot do dr- eFdr aunc ke ii nn cf oornms iasttieonnc di ei ss .c Rl oesguur lea at inodn sr ei dn utchien gE Uo vae rre- r ae il mi a ne dc eaot np cr or emdoi tt irnagt i na ghsi. gIhne2r 0l 1e v3e, lt hoef EU implemented a new regulation21 that requires at least two credit ratings to be disclosed for newly issued structured products. Tc rhi tei c iezmi npgi rt hi cea ml al ijtoerr aCtRuAr es f oornt hcerier daict t i or antsi ndgu r ri ni sgkt hceobnut aoiynasn tnmu ma rekreot uc so nsdtiut idoi ne ss farsosme t 2b 0a c0k2e tdo s2e 0c u0 r7i .t iSeps eacni fdi cCa Dl l yO, st hi se sl ui tbe sr taat nu triea lo. nG rt ihf fei ns yasnt de mT aant igc (u2p0w1 a2r) do bb si aesr voef frequent upward adjustments to the size of the AAA tranche beyond the output ft rr oa nmc thhee sri az tei sn gt omi sosdueel r. Hs et heat tarl .e(p2r0e1s e1 n) tf i an ds itghnai tf iCc Ra nAts sgorua rnct ee do mf roe rvee gn eune e. rBooul tsoAnAeAt al. (2012) create a model to explain how CRAs are prone to inflate ratings in cases 21(ERCe)gNuola1ti0o6n0(/E2U0)0N9oo4n6C2R/A20s.13 of the European Parliament and of the Council of 21 May 2013 amending Regulation
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