prepare a thesis proposal that considers to the below describe idea of a “basic storyline”.

Credit rating agencies (CRA) fulfill important market functions as intermediates on financial markets and act as financial gatekeepers. With increasing emphasize on external credit ratings rather than internal rating procedures due to a changing regulatory environment on the global financial markets, the requirements and expectations regarding rating agencies and with it the reliance on credit rating agencies have changed over time. Due to the increasing dependence on credit rating agencies and changing expectations concerning credit ratings, the basic idea behind rating agencies (namely to provide opinions on the creditworthiness of an issuer) is no longer valid and credit rating agencies have come under criticism, especially in the last decade.

a)    provide an overview of CRAs, their roles and responsibilities, etc. (an introduction to the CRAs and the way they work)
b)    provide an overview of the origination, development and changes of CRA regulations over time in the European Union as well as in the US.
c)    identify & describe problematic issues and/or criticisms of current CRA (e.g. conflicts of interest, principle agent relationships, lack of competition, accountability of CRAs, regulatory framework, market power, disclosure practices, unsolicited ratings, downgrading latency, etc.)
d)    develop a valuation-framework based on principles by the current regulatory framework presented in this work as well as on additional criteria.
e)    asses different alternatives to the credit rating system, which is currently performed by credit rating agencies
a.    by analyzing alternative methodical and institutional approaches, such as, ratings based on market-implied data and ratings by public credit rating agencies, etc. on a high-level.
b.    the main focus of this work lies on ratings by crowdsourcing mechanisms
c.    each alternative is evaluated by means of the developed valuation-framework
f)    Conclusion

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