(a) RulemakingThe 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 constructionNothing in this section shall prohibit 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.
Structure US Code
CHAPTER 2B— SECURITIES EXCHANGES
§ 78b. Necessity for regulation
§ 78c. Definitions and application
§ 78c–2. Securities-related derivatives
§ 78c–3. Clearing for security-based swaps
§ 78c–4. Security-based swap execution facilities
§ 78c–5. Segregation of assets held as collateral in security-based swap transactions
§ 78d. Securities and Exchange Commission
§ 78d–1. Delegation of functions by Commission
§ 78d–2. Transfer of functions with respect to assignment of personnel to chairman
§ 78d–3. Appearance and practice before the Commission
§ 78d–4. Additional duties of Inspector General
§ 78d–6. Report and certification of internal supervisory controls
§ 78d–7. Triennial report on personnel management
§ 78d–8. Annual financial controls audit
§ 78d–9. Report on oversight of national securities associations
§ 78e. Transactions on unregistered exchanges
§ 78f. National securities exchanges
§ 78h. Restrictions on borrowing and lending by members, brokers, and dealers
§ 78i. Manipulation of security prices
§ 78j. Manipulative and deceptive devices
§ 78j–3. Compensation committees
§ 78j–4. Recovery of erroneously awarded compensation policy
§ 78k. Trading by members of exchanges, brokers, and dealers
§ 78k–1. National market system for securities; securities information processors
§ 78l. Registration requirements for securities
§ 78l–1. Applications for unlisted trading privileges deemed filed under
§ 78m. Periodical and other reports
§ 78m–1. Reporting and recordkeeping for certain security-based swaps
§ 78m–2. Reporting requirements regarding coal or other mine safety
§ 78n–1. Shareholder approval of executive compensation
§ 78o. Registration and regulation of brokers and dealers
§ 78o–1. Brokers deemed to be registered
§ 78o–2. Liabilities arising prior to amendment unaffected
§ 78o–3. Registered securities associations
§ 78o–4a. Commission Office of Municipal Securities
§ 78o–5. Government securities brokers and dealers
§ 78o–6. Securities analysts and research reports
§ 78o–7. Registration of nationally recognized statistical rating organizations
§ 78o–8. Universal ratings symbols
§ 78o–9. Study and rulemaking on assigned credit ratings
§ 78o–11. Credit risk retention
§ 78p. Directors, officers, and principal stockholders
§ 78q–1. National system for clearance and settlement of securities transactions
§ 78q–2. Automated quotation systems for penny stocks
§ 78r. Liability for misleading statements
§ 78s. Registration, responsibilities, and oversight of self-regulatory organizations
§ 78t. Liability of controlling persons and persons who aid and abet violations
§ 78t–1. Liability to contemporaneous traders for insider trading
§ 78u. Investigations and actions
§ 78u–1. Civil penalties for insider trading
§ 78u–2. Civil remedies in administrative proceedings
§ 78u–3. Cease-and-desist proceedings
§ 78u–4. Private securities litigation
§ 78u–5. Application of safe harbor for forward-looking statements
§ 78u–6. Securities whistleblower incentives and protection
§ 78u–7. Implementation and transition provisions for whistleblower protection
§ 78w. Rules, regulations, and orders; annual reports
§ 78x. Public availability of information
§ 78y. Court review of orders and rules
§ 78z. Unlawful representations
§ 78aa. Jurisdiction of offenses and suits
§ 78aa–1. Special provision relating to statute of limitations on private causes of action
§ 78bb. Effect on existing law
§ 78dd. Foreign securities exchanges
§ 78dd–1. Prohibited foreign trade practices by issuers
§ 78dd–2. Prohibited foreign trade practices by domestic concerns
§ 78dd–3. Prohibited foreign trade practices by persons other than issuers or domestic concerns
§ 78hh–1. Effective date of certain sections
§ 78kk. Authorization of appropriations
§ 78ll. Requirements for the EDGAR system
§ 78mm. General exemptive authority
§ 78nn. Tennessee Valley Authority
§ 78pp. Investor Advisory Committee