Page:United States Statutes at Large Volume 124.djvu/1911

124 STAT. 1885 PUBLIC LAW 111–203—JULY 21, 2010 (1) meets standards of training, experience, and competence necessary to produce accurate ratings for the categories of issuers whose securities the person rates; and (2) is tested for knowledge of the credit rating process. SEC. 937. TIMING OF REGULATIONS. Unless otherwise specifically provided in this subtitle, the Commission shall issue final regulations, as required by this subtitle and the amendments made by this subtitle, not later than 1 year after the date of enactment of this Act. SEC. 938. UNIVERSAL RATINGS SYMBOLS. (a) RULEMAKING.—The Commission shall require, by rule, each nationally recognized statistical rating organization to establish, maintain, and enforce written policies and procedures that— (1) assess the probability that an issuer of a security or money market instrument will default, fail to make timely payments, or otherwise not make payments to investors in accordance with the terms of the security or money market instrument; (2) clearly define and disclose the meaning of any symbol used by the nationally recognized statistical rating organization to denote a credit rating; and (3) apply any symbol described in paragraph (2) in a manner that is consistent for all types of securities and money market instruments for which the symbol is used. (b) RULE OF CONSTRUCTION.—Nothing in this section shall pro- hibit a nationally recognized statistical rating organization from using distinct sets of symbols to denote credit ratings for different types of securities or money market instruments. SEC. 939. REMOVAL OF STATUTORY REFERENCES TO CREDIT RATINGS. (a) FEDERAL DEPOSIT INSURANCE ACT.—The Federal Deposit Insurance Act (12 U.S.C. 1811 et seq.) is amended— (1) in section 7(b)(1)(E)(i), by striking ‘‘credit rating entities, and other private economic’’ and insert ‘‘private economic, credit,’’; (2) in section 28(d)— (A) in the subsection heading, by striking ‘‘NOT OF INVESTMENT GRADE’’; (B) in paragraph (1), by striking ‘‘not of investment grade’’ and inserting ‘‘that does not meet standards of credit-worthiness as established by the Corporation’’; (C) in paragraph (2), by striking ‘‘not of investment grade’’; (D) by striking paragraph (3); (E) by redesignating paragraph (4) as paragraph (3); and (F) in paragraph (3), as so redesignated— (i) by striking subparagraph (A); (ii) by redesignating subparagraphs (B) and (C) as subparagraphs (A) and (B), respectively; and (iii) in subparagraph (B), as so redesignated, by striking ‘‘not of investment grade’’ and inserting ‘‘that does not meet standards of credit-worthiness as estab- lished by the Corporation’’; and (3) in section 28(e)— 12 USC 1831e. 12 USC 1817. Procedures. 15 USC 78o–8. 15 USC 78o–7 note.