PUBLIC LAW 109–291—SEPT. 29, 2006
120 STAT. 1337
enforcement action with respect to fraud or deceit against any nationally recognized statistical rating organization or person associated with a nationally recognized statistical rating organization. ‘‘(p) APPLICABILITY.—This section, other than subsection (n), which shall apply on the date of enactment of this section, shall apply on the earlier of— ‘‘(1) the date on which regulations are issued in final form under subsection (n)(1); or ‘‘(2) 270 days after the date of enactment of this section.’’. (b) CONFORMING AMENDMENTS.— (1) SECURITIES EXCHANGE ACT OF 1934.—The Securities Exchange Act of 1934 (15 U.S.C. 78 et seq.) is amended— (A) in section 15(b)(4) (15 U.S.C. 78o(b)(4))— (i) in subparagraph (B)(ii), by inserting ‘‘nationally recognized statistical rating organization,’’ after ‘‘transfer agent,’’; and (ii) in subparagraph (C), by inserting ‘‘nationally recognized statistical rating organization,’’ after ‘‘transfer agent,’’; and (B) in section 21B(a) (15 U.S.C. 78u–2(a)), by inserting ‘‘15E,’’ after ‘‘15C,’’. (2) INVESTMENT COMPANY ACT OF 1940.—The Investment Company Act of 1940 (15 U.S.C. 80a et seq.) is amended— (A) in section 2(a) (15 U.S.C. 80a–2(a)), by adding at the end the following new paragraph: ‘‘(53) The term ‘credit rating agency’ has the same meaning as in section 3 of the Securities Exchange Act of 1934.’’; and (B) in section 9(a) (15 U.S.C. 80a–9(a))— (i) in paragraph (1), by inserting ‘‘credit rating agency,’’ after ‘‘transfer agent,’’; and (ii) in paragraph (2), by inserting ‘‘credit rating agency,’’ after ‘‘transfer agent,’’. (3) INVESTMENT ADVISERS ACT OF 1940.—The Investment Advisers Act of 1940 (15 U.S.C. 80b et seq.) is amended— (A) in section 202(a) (15 U.S.C. 80b–2(a)), by adding at the end the following new paragraph: ‘‘(28) The term ‘credit rating agency’ has the same meaning as in section 3 of the Securities Exchange Act of 1934.’’; (B) in section 202(a)(11) (15 U.S.C. 80b–2(a)(11)), by striking ‘‘or (F)’’ and inserting the following: ‘‘(F) any nationally recognized statistical rating organization, as that term is defined in section 3(a)(62) of the Securities Exchange Act of 1934, unless such organization engages in issuing recommendations as to purchasing, selling, or holding securities or in managing assets, consisting in whole or in part of securities, on behalf of others; or (G)’’; and (C) in section 203(e) (15 U.S.C. 80b–3(e))— (i) in paragraph (2)(B), by inserting ‘‘credit rating agency,’’ after ‘‘transfer agent,’’; and (ii) in paragraph (4), by inserting ‘‘credit rating agency,’’ after ‘‘transfer agent,’’. (4) HOUSING AND COMMUNITY DEVELOPMENT ACT OF 1992.— Section 1319 of the Housing and Community Development Act of 1992 (12 U.S.C. 4519) is amended by striking ‘‘effectively’’ and all that follows through ‘‘broker-dealers’’ and inserting
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