124 STAT. 1877 PUBLIC LAW 111–203—JULY 21, 2010 (6) in subsection (k), by striking ‘‘furnish to’’ and inserting ‘‘file with’’; (7) in subsection (l)(2)(A)(i), by striking ‘‘furnished’’ and inserting ‘‘filed’’; and (8) by striking subsection (p) and inserting the following: ‘‘(p) REGULATION OF NATIONALLY RECOGNIZED STATISTICAL RATING ORGANIZATIONS.— ‘‘(1) ESTABLISHMENT OF OFFICE OF CREDIT RATINGS.— ‘‘(A) OFFICE ESTABLISHED.—The Commission shall establish within the Commission an Office of Credit Ratings (referred to in this subsection as the ‘Office’) to administer the rules of the Commission— ‘‘(i) with respect to the practices of nationally recog- nized statistical rating organizations in determining ratings, for the protection of users of credit ratings and in the public interest; ‘‘(ii) to promote accuracy in credit ratings issued by nationally recognized statistical rating organiza- tions; and ‘‘(iii) to ensure that such ratings are not unduly influenced by conflicts of interest. ‘‘(B) DIRECTOR OF THE OFFICE.—The head of the Office shall be the Director, who shall report to the Chairman. ‘‘(2) STAFFING.—The Office established under this sub- section shall be staffed sufficiently to carry out fully the require- ments of this section. The staff shall include persons with knowledge of and expertise in corporate, municipal, and struc- tured debt finance. ‘‘(3) COMMISSION EXAMINATIONS.— ‘‘(A) ANNUAL EXAMINATIONS REQUIRED.—The Office shall conduct an examination of each nationally recognized statistical rating organization at least annually. ‘‘(B) CONDUCT OF EXAMINATIONS.—Each examination under subparagraph (A) shall include a review of— ‘‘(i) whether the nationally recognized statistical rating organization conducts business in accordance with the policies, procedures, and rating methodologies of the nationally recognized statistical rating organiza- tion; ‘‘(ii) the management of conflicts of interest by the nationally recognized statistical rating organiza- tion; ‘‘(iii) implementation of ethics policies by the nationally recognized statistical rating organization; ‘‘(iv) the internal supervisory controls of the nation- ally recognized statistical rating organization; ‘‘(v) the governance of the nationally recognized statistical rating organization; ‘‘(vi) the activities of the individual designated by the nationally recognized statistical rating organization under subsection (j)(1); ‘‘(vii) the processing of complaints by the nationally recognized statistical rating organization; and ‘‘(viii) the policies of the nationally recognized statistical rating organization governing the post- employment activities of former staff of the nationally recognized statistical rating organization.
