The topic and purpose of the project is an in-depth legal analysis of (1) selected aspects of the European regulatory and supervisory regime for credit rating agencies (CRAs) and (2) the fundamental regulatory approach to the use of credit ratings in the European Union (Union). Focus will be on whether and to what extent the legal acts - de lege lata and de lege ferenda - respond adequately to the malfunctions of the credit rating sector and are likely to sustainably minimise the respective flaws and syst emic risks in the financial markets. The analysis shall be supplemented by a comparative perspective, introducing to at least one non-European regulatory approach to CRAs, and an interdisciplinary approach by integrating the macro-economic and/or micro-ec onomic view.