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GAO-14-879R 1 (2014-09-30)

handle is hein.gao/gaobadqpz0001 and id is 1 raw text is: G U.S. GOVERNMENT ACCOUNTABILITY OFFICE 441 G St. N.W. Washington, DC 20548 B-326259 September 30, 2014 The Honorable Tim Johnson Chairman The Honorable Mike Crapo Ranking Member Committee on Banking, Housing, and Urban Affairs United States Senate The Honorable Jeb Hensarling Chairman The Honorable Maxine Waters Ranking Member Committee on Financial Services House of Representatives Subject: Securities and Exchange Commission: Nationally Recognized Statistical Rating Organizations Pursuant to section 801 (a)(2)(A) of title 5, United States Code, this is our report on major rules promulgated by the Securities and Exchange Commission (Commission) entitled Nationally Recognized Statistical Rating Organizations (RIN: 3235-AL15). We received them on September 2, 2014. They were published in the Federal Register as final rules on September 15, 2014. 79 Fed. Reg. 55,078. The final rules, in accordance with the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) and to enhance oversight, adopts amendments to existing rules and new rules that apply to credit rating agencies registered with the Commission as nationally recognized statistical rating organizations (NRSROs); adopts a new rule and form that applies to providers of third-party due diligence services for asset-backed securities; and adopts amendments to existing rules and a new rule that implement a requirement added by the Dodd- Frank Act that issuers and underwriters of asset-backed securities make publicly available the findings and conclusions of any third-party due diligence report obtained by the issuer or underwriter. The Commission, in these final rules, also adopts certain technical amendments to existing rules. Enclosed is our assessment of the Commission's compliance with the procedural steps required by section 801(a)(1)(B)(i) through (iv) of title 5 with respect to the rules. Our review of the procedural steps taken indicates that the Commission complied with the applicable requirements. GAO-1 4-879R

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