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2009-12-04
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Proposed Rules for Nationally Recognized Statistical Rating Organizations
Proposed Rules
D09002ee1bdd2790b
D09002ee1bdd279e8
United States
Securities and Exchange Commission
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United States Government Agency or Subagency
The Commission is proposing rule amendments and a new rule that would impose additional requirements on nationally recognized statistical rating organizations (``NRSROs''). The proposed amendments and rule would require an NRSRO: to furnish a new annual report describing the steps taken by the firm's designated compliance officer during the fiscal year with respect to compliance reviews, identifications of material compliance matters, remediation measures taken to address those matters, and identification of the persons within the NRSRO advised of the results of the reviews; to disclose additional information about sources of revenues on Form NRSRO; and to make publicly available a consolidated report containing information about revenues of the NRSRO attributable to persons paying the NRSRO for the issuance or maintenance of a credit rating. The Commission is proposing these rules, in conjunction with a separate release being issued today adopting certain rule amendments, to further address concerns about the integrity of the credit rating procedures and methodologies at NRSROs. Finally, at this time, the Commission is announcing that it is deferring consideration of action with respect to a proposed rule that would have required an NRSRO to include, each time it published a credit rating for a structured finance product, a report describing how the credit ratings procedures and methodologies and credit risk characteristics for structured finance products differ from those of other types of rated instruments, or, alternatively, to use distinct ratings symbols for structured finance products that differentiated them from the credit ratings for other types of financial instruments. The Commission is also soliciting comments regarding alternative measures that could be taken to differentiate NRSROs' structured finance credit ratings from the credit ratings they issue for other types of financial instruments through, for example, enhanced disclosures of information. The Commission also is soliciting comment on whether the rule amendments being adopted today in a separate release designed to remove impediments to determining and monitoring non-issuer-paid credit ratings for structured finance products should be extended to create a mechanism for determining non- issuer-paid credit ratings for structured finance products that were issued prior to the rule becoming effective (e.g., to allow for non- issuer-paid credit ratings for structured finance products of the 2004- 2007 vintage). The Commission strongly encourages market participants and all others to provide their views.
74 FR 63866
https://www.govinfo.gov/app/details/FR-2009-12-04/E9-28497
E9-28497
FR04DE09-43
RIN 3235-AK14
8011-01-P
Release No. 34-61051
File No. S7-28-09
https://www.govinfo.gov/app/details/FR-2009-12-04/E9-28497
https://www.govinfo.gov/content/pkg/FR-2009-12-04/html/E9-28497.htm
https://www.govinfo.gov/content/pkg/FR-2009-12-04/pdf/E9-28497.pdf
Brokers
Reporting and Recordkeeping Requirements
Securities
39 p.
63866
63904
74 FR 63866
Code of Federal Regulations
Title 17 Part 240
17 CFR Part 240
Code of Federal Regulations
Title 17 Part 249
17 CFR Part 249
Regulation Identification Number 3235-AK14
RIN 3235-AK14
Proposed Rules for Nationally Recognized Statistical Rating Organizations; Federal Register Vol. 74, Issue
PRORULE
E9-28497
SECURITIES AND EXCHANGE COMMISSION
2010-02-02
Release No. 34-61051
File No. S7-28-09
8011-01-P
E9-28497
Proposed rules.
The Commission is proposing rule amendments and a new rule that would impose additional requirements on nationally recognized statistical rating organizations (``NRSROs''). The proposed amendments and rule would require an NRSRO: to furnish a new annual report describing the steps taken by the firm's designated compliance officer during the fiscal year with respect to compliance reviews, identifications of material compliance matters, remediation measures taken to address those matters, and identification of the persons within the NRSRO advised of the results of the reviews; to disclose additional information about sources of revenues on Form NRSRO; and to make publicly available a consolidated report containing information about revenues of the NRSRO attributable to persons paying the NRSRO for the issuance or maintenance of a credit rating. The Commission is proposing these rules, in conjunction with a separate release being issued today adopting certain rule amendments, to further address concerns about the integrity of the credit rating procedures and methodologies at NRSROs. Finally, at this time, the Commission is announcing that it is deferring consideration of action with respect to a proposed rule that would have required an NRSRO to include, each time it published a credit rating for a structured finance product, a report describing how the credit ratings procedures and methodologies and credit risk characteristics for structured finance products differ from those of other types of rated instruments, or, alternatively, to use distinct ratings symbols for structured finance products that differentiated them from the credit ratings for other types of financial instruments. The Commission is also soliciting comments regarding alternative measures that could be taken to differentiate NRSROs' structured finance credit ratings from the credit ratings they issue for other types of financial instruments through, for example, enhanced disclosures of information. The Commission also is soliciting comment on whether the rule amendments being adopted today in a separate release designed to remove impediments to determining and monitoring non-issuer-paid credit ratings for structured finance products should be extended to create a mechanism for determining non- issuer-paid credit ratings for structured finance products that were issued prior to the rule becoming effective (e.g., to allow for non- issuer-paid credit ratings for structured finance products of the 2004- 2007 vintage). The Commission strongly encourages market participants and all others to provide their views.
Comments should be received on or before February 2, 2010.
Michael A. Macchiaroli, Associate Director, at (202) 551-5525; Thomas K. McGowan, Deputy Associate Director, at (202) 551-5521; Randall W. Roy, Assistant Director, at (202) 551-5522; Joseph I. Levinson, Special Counsel, at (202) 551-5598; Sheila Dombal Swartz, Special Counsel, at (202) 551-5545; Rose Russo Wells, Special Counsel, at (202) 551-5527; Rebekah E. Goshorn, Attorney, at (202) 551-5514; Marlon Q. Paz, Senior Counsel to the Director, at (202) 551-5756; Division of Trading and Markets, Securities and Exchange Commission, 100 F Street, NE., Washington, DC 20549-7010.
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Reporting and Recordkeeping Requirements
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Proposed Rules for Nationally Recognized Statistical Rating Organizations
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rule-comments@sec.gov
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http://www.sec.gov/news/studies/2008/craexamination070808.pdf
http://www.sec.gov/rules/proposed.shtml
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Federal Register
Vol. 74, no. 232
Office of the Federal Register, National Archives and Records Administration
2009-12-04
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431 p.
Table of Contents:
AE 2.7:
GS 4.107:
AE 2.106:
KF70.A2
https://www.govinfo.gov/app/details/FR-2009-12-04
P0b002ee180121082
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0042-1219
0364-1406
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000582072
f:FR04DE09
https://www.govinfo.gov/app/details/FR-2009-12-04
https://www.govinfo.gov/content/pkg/FR-2009-12-04/pdf/FR-2009-12-04.pdf
https://www.govinfo.gov/content/pkg/FR-2009-12-04/xml/FR-2009-12-04.xml
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2009-12-04
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