PUBLIC LAW 109–291—SEPT. 29, 2006
120 STAT. 1333
‘‘(A) any crime that is punishable by imprisonment for 1 or more years, and that is not described in section 15(b)(4)(B); or ‘‘(B) a substantially equivalent crime by a foreign court of competent jurisdiction; ‘‘(3) is subject to any order of the Commission barring or suspending the right of the person to be associated with a nationally recognized statistical rating organization; ‘‘(4) fails to furnish the certifications required under subsection (b)(2); or ‘‘(5) fails to maintain adequate financial and managerial resources to consistently produce credit ratings with integrity. ‘‘(e) TERMINATION OF REGISTRATION.— ‘‘(1) VOLUNTARY WITHDRAWAL.—A nationally recognized statistical rating organization may, upon such terms and conditions as the Commission may establish as necessary in the public interest or for the protection of investors, withdraw from registration by furnishing a written notice of withdrawal to the Commission. ‘‘(2) COMMISSION AUTHORITY.—In addition to any other authority of the Commission under this title, if the Commission finds that a nationally recognized statistical rating organization is no longer in existence or has ceased to do business as a credit rating agency, the Commission, by order, shall cancel the registration under this section of such nationally recognized statistical rating organization. ‘‘(f) REPRESENTATIONS.— ‘‘(1) BAN ON REPRESENTATIONS OF SPONSORSHIP BY UNITED STATES OR AGENCY THEREOF.—It shall be unlawful for any nationally recognized statistical rating organization to represent or imply in any manner whatsoever that such nationally recognized statistical rating organization has been designated, sponsored, recommended, or approved, or that the abilities or qualifications thereof have in any respect been passed upon, by the United States or any agency, officer, or employee thereof. ‘‘(2) BAN ON REPRESENTATION AS NRSRO OF UNREGISTERED CREDIT RATING AGENCIES.—It shall be unlawful for any credit rating agency that is not registered under this section as a nationally recognized statistical rating organization to state that such credit rating agency is a nationally recognized statistical rating organization registered under this title. ‘‘(3) STATEMENT OF REGISTRATION UNDER SECURITIES EXCHANGE ACT OF 1934 PROVISIONS.—No provision of paragraph (1) shall be construed to prohibit a statement that a nationally recognized statistical rating organization is a nationally recognized statistical rating organization under this title, if such statement is true in fact and if the effect of such registration is not misrepresented. ‘‘(g) PREVENTION OF MISUSE OF NONPUBLIC INFORMATION.— ‘‘(1) ORGANIZATION POLICIES AND PROCEDURES.—Each nationally recognized statistical rating organization shall establish, maintain, and enforce written policies and procedures reasonably designed, taking into consideration the nature of the business of such nationally recognized statistical rating organization, to prevent the misuse in violation of this title, or the rules or regulations hereunder, of material, nonpublic information by such nationally recognized statistical rating
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