Table of contents: - Stockholm Centre for Commercial Law - Foreword - General Background of the Conference Lars Gorton and Aron Verständig Theme: Background, Functions, Regulations and Liability of Credit Rating Agencies - The role of credit-rating agencies from a central banker’s perspective Stefan Ingves - How did increased competition affect credit ratings? Bo Becker and Todd Milbourn - Ratings Reform: The Good, The Bad, and The Ugly John C. Coffee Jr - Theme: Credit Rating Agencies from Different Perspectives - The role and regulation of ratings agencies in Europe Torsten Hinrichs - Control of ownership in credit rating agencies Jone Engh - Competition and Credit Rating Agencies Aline Darbellay - The Importance of Being and of Being Earnest: The Ontological, Epistemological and Constitutional Aspects of Credit Ratings Dan Hanqvist - Rating of enterprises Eva Lindebäck Brandt Theme: The regulation of Credit Rating Agencies - Bank capital regulation and the role of external ratings: Unresolved issues Kern Alexander - Changes to the EU regulatory framework for credit rating agencies Per Lamberth - ESMA: the European supervisor of credit rating agencies in the EU Felix Flinterman - Conflicts of Interest and Risk Management Practices in the CRA Industry Rolf H. Weber & Simone Baumann Theme: Liability Questions and Contractual Questions - Civil liability of Credit Rating Agencies – A professional liability regime? Vibe Ulfbeck Theme: In conclusion The regulation of credit reference agencies: a wider view Philip Wood Presentation of authors APPENDIX