PUBLIC LAW 109–291—SEPT. 29, 2006
120 STAT. 1329
(1) the term ‘‘Commission’’ means the Securities and Exchange Commission; and (2) the term ‘‘nationally recognized statistical rating organization’’ has the same meaning as in section 3(a)(62) of the Securities Exchange Act of 1934, as added by this Act. SEC. 4. REGISTRATION OF NATIONALLY RECOGNIZED STATISTICAL RATING ORGANIZATIONS.
(a) AMENDMENT.—The Securities Exchange Act of 1934 is amended by inserting after section 15D (15 U.S.C. 78o–6) the following new section: ‘‘SEC. 15E. REGISTRATION OF NATIONALLY RECOGNIZED STATISTICAL RATING ORGANIZATIONS.
15 USC 78o–7.
‘‘(a) REGISTRATION PROCEDURES.— ‘‘(1) APPLICATION FOR REGISTRATION.— ‘‘(A) IN GENERAL.—A credit rating agency that elects to be treated as a nationally recognized statistical rating organization for purposes of this title (in this section referred to as the ‘applicant’), shall furnish to the Commission an application for registration, in such form as the Commission shall require, by rule or regulation issued in accordance with subsection (n), and containing the information described in subparagraph (B). ‘‘(B) REQUIRED INFORMATION.—An application for registration under this section shall contain information regarding— ‘‘(i) credit ratings performance measurement statistics over short-term, mid-term, and long-term periods (as applicable) of the applicant; ‘‘(ii) the procedures and methodologies that the applicant uses in determining credit ratings; ‘‘(iii) policies or procedures adopted and implemented by the applicant to prevent the misuse, in violation of this title (or the rules and regulations hereunder), of material, nonpublic information; ‘‘(iv) the organizational structure of the applicant; ‘‘(v) whether or not the applicant has in effect a code of ethics, and if not, the reasons therefor; ‘‘(vi) any conflict of interest relating to the issuance of credit ratings by the applicant; ‘‘(vii) the categories described in any of clauses (i) through (v) of section 3(a)(62)(B) with respect to which the applicant intends to apply for registration under this section; ‘‘(viii) on a confidential basis, a list of the 20 largest issuers and subscribers that use the credit rating services of the applicant, by amount of net revenues received therefrom in the fiscal year immediately preceding the date of submission of the application; ‘‘(ix) on a confidential basis, as to each applicable category of obligor described in any of clauses (i) through (v) of section 3(a)(62)(B), written certifications described in subparagraph (C), except as provided in subparagraph (D); and ‘‘(x) any other information and documents concerning the applicant and any person associated with
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