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SEC RIN: 3235-AK19 Publication ID: Fall 2010 
Title: References to Ratings of Nationally Recognized Statistical Rating Organizations 
Abstract: The Commission proposed to amend five rules under the Investment Company Act and the Investment Advisers Act that rely on NRSRO ratings. The proposed amendments are designed to address concerns that the reference to NRSRO ratings in Commission rules may have contributed to an undue reliance on NRSRO ratings by market participants. The Commission adopted certain proposed amendments to Rules 5b-3 and 10f-3 under the Investment Company Act, and re-opened the comment period to request additional comment on the proposed amendments to Rules 3a-7 and 5b-3 under the Investment Company Act and Rule 206(3)-3T under the Investment Advisers Act. The Dodd-Frank Wall Street Reform and Consumer Protection Act was enacted on July 21, 2010. The Division is considering the next steps to recommend to the Commission in light of the Act. 
Agency: Securities and Exchange Commission(SEC)  Priority: Substantive, Nonsignificant 
RIN Status: Previously published in the Unified Agenda Agenda Stage of Rulemaking: Final Rule Stage 
Major: Undetermined  Unfunded Mandates: No 
CFR Citation: 17 CFR 270.2a-7    17 CFR 270.3a-7    17 CFR 270.5b-3    17 CFR 270.10f-3    17 CFR 275.206(3)-3T   
Legal Authority: 15 USC 80a-6(c)    15 USC 80a-10(f)    15 USC 80a-30(a)    15 USC 80a-37(a)    15 USC 80b-6A    15 USC 80b-11(a)   
Legal Deadline:  None
Timetable:
Action Date FR Cite
NPRM  07/11/2008  73 FR 40124   
NPRM Comment Period End  09/05/2008    
Final Rule  10/09/2009  74 FR 52358   
NPRM Comment Period Reopened  10/09/2009  74 FR 42374   
Final Rule Effective  11/12/2009    
NPRM Comment Period End  12/08/2009    
Next Action   07/00/2011    
Regulatory Flexibility Analysis Required: Undetermined  Government Levels Affected: None 
Federalism: No 
Included in the Regulatory Plan: No 
RIN Information URL: www.sec.gov/rules/proposed/2009/33-9069.pdf  
RIN Data Printed in the FR: No 
Agency Contact:
Anu Dubey
Division of Investment Management
Securities and Exchange Commission
100 F Street NE,
Washington, DC 20549
Phone:202 551-6792