Form SEC1541 APPLICATION FOR REGISTRATION AS A NATIONALLY RECOGNIZED

Rule 17g-1 and Form NRSRO -Application for registration as a nationally recognized statistical rating organization

formnrsro

Form NRSRO - ICR1

OMB: 3235-0625

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2023-10-25 - Revision of a currently approved collection

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Form NRSRO

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OMB Number: 3235-0625
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hours per response: 400

APPLICATION FOR REGISTRATION AS A
NATIONALLY RECOGNIZED STATISTICAL
RATING ORGANIZATION (NRSRO)

Persons who respond to the collection of information contained in this form are not
required to respond unless the form displays a currently valid OMB control number.

SEC 1541 (4-09)

APPLICATION FOR REGISTRATION AS A
NATIONALLY RECOGNIZED
STATISTICAL RATING ORGANIZATION (NRSRO)

□ INITIAL APPLICATION
□ APPLICATION TO ADD CLASS
□

□ ANNUAL CERTIFICATION
□ UPDATE OF REGISTRATION

OF CREDIT RATINGS

Items and/or Exhibits Amended:

APPLICATION SUPPLEMENT
Items and/or Exhibits Supplemented:

________________________________

□ WITHDRAWAL FROM REGISTRATION

Important: Refer to Form NRSRO Instructions for General Instructions, Item-by-Item Instructions, an
Explanation of Terms, and the Disclosure Reporting Page (NRSRO). “You” and “your” mean the person
furnishing this Form NRSRO to the Commission. “Applicant” and “NRSRO” mean the person furnishing
this Form NRSRO to the Commission and any credit rating affiliate identified in Item 3.
1.

A. Your full name:
_______________________________________________________________________
B. (i) Name under which your credit rating business is primarily conducted, if different from Item 1A:
________________________________________________________________________
(ii) Any other name under which your credit rating business is conducted and where it is used (other than
the name of a credit rating affiliate identified in Item 3):
_______________________________________________________________________
C. Address of your principal office (do not use a P.O. Box):
_______________________________________________________________________
(Number and Street)

(City)

(State/Country)

(Zip/Postal Code)

D. Mailing address, if different:
_______________________________________________________________________
(Number and Street)

(City)

(State/Country)

(Zip/Postal Code)

E. Contact person (See Instructions):
_______________________________________________________________________
(Number and Street)

_______________________________________________________________________
(Number and Street)

(City)

(State/Country)

(Zip/Postal Code)

CERTIFICATION:
The undersigned has executed this Form NRSRO on behalf of, and on the authority of, the Applicant/NRSRO. The
undersigned, on behalf of the Applicant/NRSRO, represents that the information and statements contained in this Form,
including Exhibits and attachments, all of which are part of this Form, are accurate in all significant respects. If this is an
ANNUAL CERTIFICATION, the undersigned, on behalf of the NRSRO, represents that the NRSRO’s application on Form
NRSRO, as amended, is accurate in all significant respects.
__________________
(Date)

___________________________________________________________________________________
(Name of the Applicant/NRSRO)

By: _________________________________________________________________________________________
(Signature)

(Print Name and Title)

Your legal status:

□ Corporation □ Limited Liability Company □ Partnership □ Other (specify) __________
B.
C.

Month and day of your fiscal year end: ____________________________________________
Place and date of your formation (i.e., state or country where you were incorporated, where your partnership
agreement was filed, or where you otherwise were formed):
State/Country of formation: _________________________

Date of formation: ______________

Your credit rating affiliates (See Instructions):
____________________________________________________________________________
(Name)

(Address)

____________________________________________________________________________
(Name)

(Address)

____________________________________________________________________________
(Name)

(Address)

____________________________________________________________________________
(Name)

(Address)

____________________________________________________________________________
(Name)

(Address)

The designated compliance officer of the Applicant/NRSRO (See Instructions):
___________________________________________________________
(Name and Title)

_________________________________________________________________________
(Number and Street)

(City)

(State/Country)

(Postal Code)

Describe in detail how this Form NRSRO and Exhibits 1 through 9 to this Form NRSRO will be made publicly available
on Web site of the Applicant/NRSRO, or through another comparable, readily accessible means (See Instructions):
_______________________________________________________________________________
_______________________________________________________________________________
_______________________________________________________________________________

6. COMPLETE ITEM 6 ONLY IF THIS IS AN INITIAL APPLICATION, APPLICATION SUPPLEMENT, OR
APPLICATION TO ADD A CLASS OF CREDIT RATINGS.
A.

Indicate below the classes of credit ratings for which the Applicant/NRSRO is applying to be registered. For each class,
indicate the approximate number of credit ratings the Applicant/NRSRO presently has outstanding in that class as of the
date of this application and the approximate date the Applicant/NRSRO began issuing credit ratings as a “credit rating
agency” in that class on a continuous basis through the present (See Instructions):
Class of credit ratings

financial institutions as that term is defined in
section 3(a)(46) of the Exchange Act (15 U.S.C.
78c(a)(46)), brokers as that term is defined in
section 3(a)(4) of the Exchange Act (15 U.S.C.
78c(a)(4)), and dealers as that term is defined in
section 3(a)(5) of the Exchange Act (15 U.S.C.
78c(a)(5))
insurance companies as that term is defined in
section 3(a)(19) of the Exchange Act (15 U.S.C.
78c(a)(19))

Applying for
registration

□
□

Approximate number
currently outstanding

Approximate date
issuance commenced

corporate issuers
issuers of asset-backed securities as that term is
defined in 17 CFR 229.1101(c)
issuers of government securities as that term is
defined in section 3(a)(42) of the Exchange Act
(15 U.S.C. 78c(a)(42)), municipal securities as
that term is defined in section 3(a)(29) of the
Exchange Act (15 U.S.C. 78c(a)(29)), and foreign
government securities

□
□
□

B. Briefly describe how the Applicant/NRSRO makes the credit ratings in the classes indicated in Item 6A readily accessible for
free or for a reasonable fee (See Instructions):
_______________________________________________________________________________
_______________________________________________________________________________
_______________________________________________________________________________
C.

Check the applicable box and attach certifications from qualified institutional buyers, if required (See Instructions):

□

The Applicant/NRSRO is attaching ________ certifications from qualified institutional buyers to this application.
Each is marked “Certification from Qualified Institutional Buyer.”

□ The Applicant/NRSRO is exempt from the requirement to submit certifications from qualified institutional buyers
pursuant to section 15E(a)(1)(D) of the Exchange Act.
Note: You are not required to make a Certification from a Qualified Institutional Buyer submitted with this Form
NRSRO publicly available on your Web site, or through another comparable, readily accessible means pursuant to
Exchange Act Rule 17g-1(i). You may request that the Commission keep these certifications confidential by marking
each page “Confidential Treatment” and complying with Commission rules governing confidential treatment. The
Commission will keep the certifications confidential upon request to the extent permitted by law.
7.

DO NOT COMPLETE ITEM 7 IF THIS IS AN INITIAL APPLICATION.

Indicate below the classes of credit ratings for which the NRSRO is currently registered. For each class, indicate the
approximate number of credit ratings the NRSRO had outstanding in that class as of the most recent calendar year end and
the approximate date the NRSRO began issuing credit ratings as a “credit rating agency” in that class on a continuous basis
through the present (See Instructions):
Class of credit rating

financial institutions as that term is defined in
section 3(a)(46) of the Exchange Act (15 U.S.C.
78c(a)(46)), brokers as that term is defined in section
3(a)(4) of the Exchange Act (15 U.S.C. 78c(a)(4)), and
dealers as that term is defined in section 3(a)(5) of
the Exchange Act (15 U.S.C. 78c(a)(5))
insurance companies as that term is defined in
section 3(a)(19) of the Exchange Act (15 U.S.C.
78c(a)(19))
corporate issuers

Currently
registered

□
□
□

Approximate number
outstanding as of the
most recent calendar
year end

Approximate date
issuance commenced

issuers of asset-backed securities as that term is
defined in 17 CFR 229.1101(c)
issuers of government securities as that term is
defined in section 3(a)(42) of the Act (15 U.S.C.
78c(a)(42)), municipal securities as that term is
defined in section 3(a)(29) of the Exchange Act (15
U.S.C. 78c(a)(29)), and foreign government securities

□
□

B. Briefly describe how the NRSRO makes the credit ratings in the classes indicated in Item 7A readily accessible for free or
for a reasonable fee (See Instructions):
_______________________________________________________________________________
_______________________________________________________________________________
_______________________________________________________________________________
8. Answer each question. Provide information that relates to a “Yes” answer on a Disclosure Reporting
Page (NRSRO) and submit the Disclosure Reporting Page with this Form NRSRO (See Instructions).
You are not required to make any disclosure reporting pages submitted with this Form publicly available
on your Web site, or through another comparable, readily accessible means pursuant to Exchange Act
Rule 17g-1(i). You may request that the Commission keep any disclosure reporting pages confidential by
marking each page “Confidential Treatment” and complying with Commission rules governing confidential
treatment. The Commission will keep the disclosure reporting pages confidential upon request to the
extent permitted by law.

A. Has the Applicant/NRSRO or any person within the Applicant/NRSRO committed or omitted any act, or
been subject to an order or finding, enumerated in subparagraphs (A), (D), (E), (G), or (H) of section
15(b)(4) of the Securities Exchange Act of 1934, been convicted of any offense specified in section
15(b)(4)(B) of the Securities Exchange Act of 1934, or been enjoined from any action, conduct, or
practice specified in section 15(b)(4)(C) of the Securities Exchange Act of 1934 in the ten years
preceding the date of the initial application of the Applicant/NRSRO for registration as an NRSRO or at
any time thereafter?
B. Has the Applicant/NRSRO or any person within the Applicant/NRSRO been convicted of any crime that
is punishable by imprisonment for 1 or more years, and that is not described in section 15(b)(4) of the
Securities Exchange Act of 1934, or been convicted of a substantially equivalent crime by a foreign
court of competent jurisdiction in the ten years preceding the date of the initial application of the
Applicant/NRSRO for registration as an NRSRO or at any time thereafter?
C. Is any person within the Applicant/NRSRO subject to any order of the Commission barring or
suspending the right of the person to be associated with an NRSRO?

YES

□

9. Exhibits (See Instructions).
Exhibit 1. Credit ratings performance measurement statistics.

□

Exhibit 1 is attached and made a part of this Form NRSRO.

Exhibit 2. A description of the procedures and methodologies used in determining credit ratings.

□

Exhibit 2 is attached and made a part of Form NRSRO.

Exhibit 3. Policies or procedures adopted and implemented to prevent the misuse of material, nonpublic information

□

Exhibit 3 is attached and made a part of this Form NRSRO.

Exhibit 4. Organizational structure.

□

Exhibit 4 is attached to and made a part of this Form NRSRO.

Exhibit 5. The code of ethics or a statement of the reasons why a code of ethics is not in effect.

□

Exhibit 5 is attached to and made a part of this Form NRSRO.

Exhibit 6. Identification of conflicts of interests relating to the issuance of credit ratings.

□

Exhibit 6 is attached to and made a part of this Form NRSRO.

Exhibit 7. Policies and procedures to address and manage conflicts of interest.

□

Exhibit 7 is attached to and made a part of this Form NRSRO.

Exhibit 8. Certain information regarding the credit rating agency’s credit analysts and credit analyst supervisors.

□

Exhibit 8 is attached to and made a part of this Form NRSRO.

Exhibit 9. Certain information regarding the credit rating agency’s designated compliance officer.

□

Exhibit 9 is attached to and made a part of this Form NRSRO.

Exhibit 10. A list of the largest users of credit rating services by the amount of net revenue earned from the user during the
fiscal year ending immediately before the date of the initial application.

□

Exhibit 10 is attached to and made a part of this Form NRSRO.

Note: You are not required to make this Exhibit publicly available on your Web site, or through another comparable,
readily accessible means pursuant to Exchange Act Rule 17g-1(i). You may request that the Commission keep this
Exhibit confidential by marking each page “Confidential Treatment” and complying with Commission rules governing
confidential treatment. The Commission will keep the information and documents in the Exhibit confidential upon
request to the extent permitted by law.
Exhibit 11. Audited financial statements for each of the three fiscal or calendar years ending immediately before the date of the
initial application.

□

Exhibit 11 is attached to and made a part of this Form NRSRO.

Exhibit 12.

□

Information regarding revenues for the fiscal or calendar year ending immediately before the date of the initial
application.

Exhibit 12 is attached to and made a part of this Form NRSRO.

Note: You are not required to make this Exhibit publicly available on your Web site, or through another comparable,
readily accessible means pursuant to Exchange Act Rule 17g-1(i). You may request that the Commission keep this
Exhibit confidential by marking each page “Confidential Treatment” and complying with Commission rules governing
confidential treatment. The Commission will keep the information and documents in the Exhibit confidential upon
request to the extent permitted by law.
Exhibit 13. The total and median annual compensation of credit analysts.

□

Exhibit 13 is attached and made a part of this Form NRSRO.

FORM NRSRO INSTRUCTIONS
A.

GENERAL INSTRUCTIONS.

Form NRSRO is the Application for Registration as a Nationally Recognized Statistical Rating Organization
(“NRSRO”) under Section 15E of the Securities Exchange Act of 1934 (“Exchange Act”) and Exchange Act
Rule 17g-1. Exchange Act Rule 17g-1 requires an Applicant/NRSRO to use Form NRSRO to furnish the
U.S. Securities and Exchange Commission (“Commission”) with:

•

An initial application to be registered as an NRSRO;

•

An application to register for an additional class of credit ratings;

•

An application supplement;

•

An update of registration pursuant to Section 15E(b)(1) of the Exchange Act;

•

An annual certification pursuant to Section 15E(b)(2) of the Exchange Act; and

•

A withdrawal of registration pursuant to Section 15E(e) of the Exchange Act.

Exchange Act Rule 17g-1(c) requires that an Applicant/NRSRO promptly provide the Commission with a
written notice if information submitted to the Commission in an initial application for registration or in an
application to register for an additional class of credit ratings is found to be or becomes materially
inaccurate before the Commission has granted or denied the application. The notice must identify the
information found to be materially inaccurate. The Applicant/NRSRO must also promptly furnish the
Commission with accurate and complete information as an application supplement on Form NRSRO.

Pursuant to Exchange Act Rule 17g-1(i), an NRSRO must make its current Form NRSRO and information
and documents furnished in Exhibits 1 through 9 to Form NRSRO publicly available on its Web site, or
through another comparable, readily accessible means within 10 business days after the date of the
Commission Order granting an initial application for registration as an NRSRO or an application to register
for an additional class of credit ratings and within 10 business days after submitting an update of
registration, annual certification, or withdrawal from registration to the Commission on Form NRSRO.
The certifications from qualified institutional buyers, disclosure reporting pages, and Exhibits 10 through 13
are not required to be made publicly available by the NRSRO pursuant to Rule 17g-1(i). An
Applicant/NRSRO may request that the Commission keep confidential the certifications from qualified
institutional buyers, the disclosure reporting pages, and the information and documents in Exhibits 10 – 13
submitted to the Commission. An Applicant/NRSRO seeking confidential treatment for these submissions
should mark each page “Confidential Treatment” and comply with Commission rules governing confidential

treatment (See 17 CFR 200.80 and 17 CFR 200.83). The Commission will keep this information
confidential to the extent permitted by law.
4.

Section 15E(a)(2) of the Exchange Act prescribes time periods and requirements for the Commission to
grant or deny an initial application for registration as an NRSRO. These time periods also apply to an
application to register for an additional class of credit ratings.

Type or clearly print all information. Use only the current version of Form NRSRO or a reproduction of it.

Section 15E of the Exchange Act (15 U.S.C. 78o-7) authorizes the Commission to collect the Information
on Form NRSRO from an Applicant/NRSRO. The principal purposes of Form NRSRO are to determine
whether an Applicant should be granted registration as an NRSRO, whether an NRSRO should be granted
registration in an additional class of credit ratings, whether an NRSRO continues to meet the criteria for
registration as an NRSRO, to withdraw a registration, and to provide information about an NRSRO to users
of credit ratings. Intentional misstatements or omissions may constitute federal criminal violations under 18
U.S.C. 1001.
The information collection is in accordance with the clearance requirements of Section 3507 of the
Paperwork Reduction Act of 1995 (44 U.S.C. 3507). The Commission may not conduct or sponsor, and
you are not required to respond to, a collection of information unless it displays a valid Office of
Management and Budget (OMB) control number. The time required to complete and furnish this form will
vary depending on individual circumstances. The estimated average time to complete an initial application
is displayed on the facing page of this Form. Send comments regarding this burden estimate or
suggestions for reducing the burden to Director, Office of Information Technology, Securities and Exchange
Commission, 100 F Street, NE, Washington, DC 20549.

Under Exchange Act Rule 17g-2(b)(10), an NRSRO must retain copies of all Form NRSROs (including
Exhibits, accompanying information, and documents) submitted to the Commission. Exchange Act Rule
17g-2(c) requires that these records be retained for three years after the date the record is made.

ADDRESS -

The mailing address for Form NRSRO is:
U. S. Securities and Exchange Commission
100 F Street, NE
Washington, DC 20549

A Form NRSRO will be considered furnished to the Commission on the date the Commission receives a
complete and properly executed Form NRSRO that follows all applicable instructions for the Form.

INSTRUCTIONS FOR AN INITIAL APPLICATION
An Applicant applying to be registered with the Commission as an NRSRO must furnish the Commission
with an initial application on Form NRSRO. To complete an initial application:
•

Check the “INITIAL APPLICATION” box at the top of Form NRSRO.

•

Complete Items 1, 2, 3, 4, 5, 6, and 8. (See Instructions below for each Item). Enter “None” or
“N/A” where appropriate.

•

Unless exempt from the requirement, attach certifications from qualified institutional buyers,
marked “Certification from Qualified Institutional Buyer” (See Instructions below for Item 6C).

•

Attach Exhibits 1 through 13 (See Instructions below for each Exhibit).

•

Execute the Form.

The Applicant must promptly furnish the Commission with a written notice if information submitted to the
Commission in an initial application is found to be or becomes materially inaccurate prior to the date of a
Commission order granting or denying the application. The notice must identify the information found to be
materially inaccurate. The Applicant also must promptly furnish the Commission with an application
supplement on Form NRSRO (See instructions below for an application supplement).
C.

INSTRUCTIONS FOR AN APPLICATION TO ADD A CLASS OF CREDIT RATINGS
An NRSRO applying to register for an additional class of credit ratings must furnish the Commission with
an application on Form NRSRO. To complete an application to register for an additional class of credit
ratings:
•

Check the “APPLICATION TO ADD CLASS OF CREDIT RATINGS” box at the top of Form
NRSRO.

•

Complete Items 1, 2, 3, 4, 5, 6, 7, and 8 on the Form following all applicable instructions for each
Item (See Instructions below for each Item). If any information in an Item on the previously
furnished Form NRSRO is materially inaccurate, update that information. Enter “None” or “N/A”
where appropriate. Complete each Item even if the Item is not being updated.

•

Unless exempt from the requirement, attach certifications from qualified institutional buyers for the
additional class of credit ratings marked “Certification from Qualified Institutional Buyer” (See
Instructions below for Item 6C).

•

If any information in an Exhibit previously furnished is materially inaccurate, update that
information.

•

Execute the Form.

The Applicant must promptly furnish the Commission with a written notice if information submitted to the
Commission in an application to add a class of credit ratings is found to be or becomes materially
inaccurate prior to the date of a Commission order granting or denying the application. The notice must
identify the information found to be materially inaccurate. The Applicant also must promptly furnish the
Commission with an application supplement on Form NRSRO (See instructions below for an application
supplement).
D.

INSTRUCTIONS FOR AN APPLICATION SUPPLEMENT
An Applicant must furnish an application supplement to the Commission on Form NRSRO if information
submitted to the Commission in a pending initial application for registration as an NRSRO or a pending
application to register for an additional class of credit ratings is found to be or becomes materially
inaccurate. To complete an application supplement:
•

Check the “APPLICATION SUPPLEMENT” box at the top of Form NRSRO.

•

Indicate on the line provided under the box the Item(s) or Exhibit(s) being supplemented.

•

Complete Items 1, 2, 3, 4, 5 and 8 on the Form following all applicable instructions for each Item
(See Instructions below for each Item). If supplementing an initial application, also complete Item
6. If supplementing an application for registration in an additional class of credit ratings, also
complete Items 6 and 7. If any information in an Item on the previously furnished Form NRSRO is
materially inaccurate, update that information. Enter “None” or “N/A” where appropriate. Complete
each Item even if the Item is not being updated.

•

If a certification from a qualified institutional buyer is being updated or a new certification is being
added, attach the updated or new certification.

•

If an Exhibit is being updated, attach the updated Exhibit.

•

Execute the Form.

INSTRUCTIONS FOR AN UPDATE OF REGISTRATION
After registration is granted, Section 15E(b)(1) of the Exchange Act requires that an NRSRO must promptly
amend its application for registration if information or documents provided in the previously furnished Form
NRSRO become materially inaccurate. This requirement does not apply to Item 7 and Exhibit 1, which only
are required to be updated annually with the annual certification. It also does not apply to Exhibits 10 – 13
and the certifications from qualified institutional buyers, which are not required to be updated on Form
NRSRO after registration. An NRSRO amending its application for registration must furnish the
Commission with an update of its registration on Form NRSRO. To complete an update of registration:

•

Check the “UPDATE OF REGISTRATION” box at the top of Form NRSRO.

•

Indicate on the line provided under the box the Item(s) or Exhibit(s) being updated.

•

Complete Items 1, 2, 3, 4, 5, 7, and 8 on the Form following all applicable instructions for each Item
(See Instructions below for each Item). If any information in an Item on the previously furnished
Form NRSRO is materially inaccurate, update that information. Enter “None” or “N/A” where
appropriate. Complete each Item even if the Item is not being updated.

•

If an Exhibit is being updated, attach the updated Exhibit.

•

Execute the Form.

INSTRUCTIONS FOR ANNUAL CERTIFICATIONS
After registration is granted, Section 15E(b)(2) of the Exchange Act requires that an NRSRO furnish the
Commission with an annual certification not later than 90 days after the end of each calendar year. The
annual certification must be furnished to the Commission on Form NRSRO and must include an update of
the information in Item 7 and the credit ratings performance measurement statistics furnished in Exhibit 1, a
certification that the information and documents furnished on or with Form NRSRO continue to be accurate
(use the certification on the Form), and a list of material changes to the application for registration that
occurred during the previous calendar year. To complete an annual certification:
•

Check the “ANNUAL CERTIFICATION” box at the top of Form NRSRO.

•

If any information in an Exhibit previously furnished is materially inaccurate, update that
information.

•

Attach a list of all material changes made to the information or documents in the application for
registration of the NRSRO that occurred during the previous calendar year.

•
G.

Execute the Form.

INSTRUCTIONS FOR A WITHDRAWAL FROM REGISTRATION
Section 15E(e)(1) of the Exchange Act provides that an NRSRO may voluntarily withdraw its registration
with the Commission. To withdraw from registration, an NRSRO must furnish the Commission with a notice
of withdrawal from registration on Form NRSRO. The withdrawal from registration will become effective 45
calendar days after the withdrawal from registration is furnished to the Commission upon such terms and

conditions as the Commission may establish as necessary in the public interest or for the protection of
investors. To complete a withdrawal from registration:
•

Check the “WITHDRAWAL FROM REGISTRATION” box at the top of Form NRSRO.

•

Complete Items 1, 2, 3, 4, 5, 7, and 8 on the Form following all applicable instructions for each Item
(See Instructions below for each Item). If any information on the previously furnished Form
NRSRO is materially inaccurate, update that information. Enter “None” or “N/A” where appropriate.
Complete each Item even if the Item is not being updated.

•
H.

Execute the Form.

INSTRUCTIONS FOR SPECIFIC LINE ITEMS

Item 1A. Provide the name of the person (e.g., XYZ Corporation) that is furnishing the Form NRSRO to the
Commission. This means the name of the person that is applying for registration as an NRSRO or is registered as
an NRSRO and not the name of the individual that is executing the Form.
Item 1E. The individual listed as the contact person must be authorized to receive all communications and papers
from the Commission and must be responsible for their dissemination within the Applicant/NRSRO.
Certification. The certification must be executed by the Chief Executive Officer or the President of the person that
is furnishing the Form NRSRO to the Commission or an individual with similar responsibilities.
Item 3. Identify credit rating affiliates that issue credit ratings on behalf of the person furnishing the Form NRSRO
to the Commission in one or more of the classes of credit ratings identified in Item 6 or Item 7. A “credit rating
affiliate” is a separate legal entity or a separately identifiable department or division thereof that determines credit
ratings that are credit ratings of the person furnishing the Form NRSRO to the Commission. The information in
Items 4 – 8 and all the Exhibits must incorporate information about the credit ratings, methodologies, procedures,
policies, financial condition, results of operations, personnel, and organizational structure of each credit rating
affiliate identified in Item 3, as applicable. Any credit rating determined by a credit rating affiliate identified in Item 3
will be treated as a credit rating issued by the person furnishing the Form NRSRO to the Commission for purposes
of Section 15E of the Exchange Act and the Commission’s rules thereunder. The terms “Applicant” and “NRSRO”
as used on Form NRSRO and the Instructions for the Form mean the person furnishing the Form NRSRO to the
Commission and any credit rating affiliate identified in Item 3.
Item 4. Section 15E(j) of the Exchange Act requires an NRSRO to designate a compliance officer responsible for
administering the policies and procedures of the NRSRO established pursuant to Sections 15E(g) and (h) of the
Exchange Act (respectively, to prevent the misuse of material nonpublic information and address and manage
conflicts of interest) and for ensuring compliance with applicable securities laws, rules, and regulations.

Item 5. Section 15E(a)(3) of the Exchange Act and Exchange Act Rule 17g-1(i) require an NRSRO to make Form
NRSRO and Exhibits 1 – 9 to Form NRSRO furnished to the Commission publicly available on the NRSRO’s Web
site, or through another comparable, readily accessible means within 10 business days after the date of the
Commission order granting an initial application for registration as an NRSRO or an application to register for an
additional class of credit ratings and within 10 business days after furnishing the Commission with an amendment,
annual certification, or withdrawal of registration on Form NRSRO. The certifications from qualified institutional
investors, Disclosure Reporting Pages, and Exhibits 10 through 13 are not required to be made publicly available
on the NRSRO’s Web site, or through another comparable, readily accessible means. Describe how the current
Form NRSRO and Exhibits 1 – 9 will be made publicly available. If they will be posted on a Web site, for example,
give the Internet address and link to the Form and Exhibits.
Item 6. Complete Item 6 only if furnishing an initial application for registration, an application to be registered in an
additional class of credit ratings, or an application supplement.
Item 6A. Pursuant to Section 15E(a)(1)(B)(vii) of the Exchange Act, an Applicant applying for registration as an
NRSRO must disclose in the application the classes of credit ratings for which the Applicant/NRSRO is applying to
be registered. Indicate these classes by checking the appropriate box or boxes. For each class of credit ratings,
provide in the appropriate box the approximate number of credit ratings the Applicant/NRSRO presently has
outstanding as of the date of the application. Pursuant to the definition of “nationally recognized statistical rating
organization” in Section 3(a)(62) of the Exchange Act, an Applicant/NRSRO must have been in business as a
“credit rating agency” for at least the 3 consecutive years immediately preceding the date of its application for
registration as an NRSRO. For each class of credit ratings, also provide in the appropriate box the approximate
date the Applicant/NRSRO began issuing and making readily accessible credit ratings in the class on a continuous
basis through the present as a “credit rating agency,” as that term is defined in Section 3(a)(61) of the Exchange
Act. If there was a period when the Applicant/NRSRO stopped issuing credit ratings in a particular class or stopped
operating as a credit rating agency, provide the approximate date the Applicant/NRSRO resumed issuing and
making readily accessible credit ratings in that class as a credit rating agency. Refer to the definition of “credit
rating agency” in the instructions below (also at 15 U.S.C. 78c(a)(61)) to determine when the Applicant/NRSRO
began operating as a “credit rating agency.”
Item 6B. To meet the definition of “credit rating agency” pursuant to Section 3(a)(61)(A) of the Exchange Act, the
Applicant must, among other things, issue “credit ratings on the Internet or through another readily accessible
means, for free or for a reasonable fee.” Briefly describe how the Applicant/NRSRO makes the credit ratings in the
classes indicated in Item 6A readily accessible for free or for a reasonable fee. If a person must pay a fee to obtain

a credit rating made readily accessible by the Applicant/NRSRO, provide a fee schedule or describe the price(s)
charged.
Item 6C. If the Applicant/NRSRO is required to furnish qualified institutional buyer certifications, under Section
15E(a)(1)(C) of the Exchange Act, submit a minimum of 10 certifications from qualified institutional buyers, none of
which is affiliated with the Applicant/NRSRO. Each certification may address more than one class of credit ratings.
To be registered as an NRSRO for a class of credit ratings identified in Item 6A under “Applying for Registration,”
the Applicant/NRSRO must submit at least two certifications that address the class of credit ratings. If this is an
application of an NRSRO to be registered in one or more additional classes of credit ratings, furnish at least two
certifications that address each additional class of credit ratings.
The required certifications must be signed by a person duly authorized by the certifying entity, must be notarized,
must be marked “Certification from Qualified Institutional Buyer,” and must be in substantially the following form:
“I, [Executing official], am authorized by [Certifying entity] to execute this certification on behalf of [Certifying
entity]. I certify that all actions by stockholders, directors, general partners, and other bodies necessary to
authorize me to execute this certification have been taken and that [Certifying entity]:
(i) Meets the definition of a ‘qualified institutional buyer’ as set forth in section 3(a)(64) of the Securities
Exchange Act of 1934 (15 U.S.C. 78c(a)(64)) pursuant to the following subsection(s) of 17 CFR
230.144A(a)(1) [insert applicable citations];
(ii) Has seriously considered the credit ratings of [the Applicant/NRSRO] in the course of making some
of its investment decisions for at least the three years immediately preceding the date of this
certification, in the following classes of credit ratings: [Insert applicable classes of credit ratings]; and
(iii) Has not received compensation either directly or indirectly from [the Applicant/NRSRO] for
executing this certification.

[Signature]
Print Name and Title
You are not required to make a Certification from a Qualified Institutional Buyer submitted with this Form NRSRO
publicly available on your Web site, or through another comparable, readily accessible means pursuant to
Exchange Act Rule 17g-1(i). You may request that the Commission keep these certifications confidential by
marking each page “Confidential Treatment” and complying with Commission rules governing confidential treatment
(See 17 CFR 200.80 and 17 CFR 200.83). The Commission will keep the certifications confidential upon request to
the extent permitted by law.

Item 7. An Applicant furnishing Form NRSRO to apply for registration as an NRSRO should not complete Item 7.
An NRSRO furnishing Form NRSRO for any other reason must complete Item 7. The information in Item 7 must be
updated on an annual basis with the furnishing of the annual certification.
Item 7A. Indicate the classes of credit ratings for which the NRSRO is currently registered by checking the
appropriate box or boxes. For each class of credit ratings, provide in the appropriate box the approximate number
of credit ratings the NRSRO had outstanding as of the end of the most recently ended calendar year. For each
class of credit ratings, also provide in the appropriate box the approximate date the NRSRO began issuing and
making readily accessible credit ratings in the class on a continuous basis through the present as a “credit rating
agency,” as that term is defined in Section 3(a)(61) of the Exchange Act. If there was a period when the NRSRO
stopped issuing credit ratings in a particular class or stopped operating as a credit rating agency, provide the
approximate date the NRSRO resumed issuing and making readily accessible credit ratings in that class as a credit
rating agency. Refer to the definition of “credit rating agency” in the instructions below (also at 15 U.S.C.
78c(a)(61)) to determine when the NRSRO began operating as a “credit rating agency.”
Item 7B. Briefly describe how the NRSRO makes the credit ratings in the classes indicated in Item 7A readily
accessible for free or for a reasonable fee. If a person must pay a fee to obtain a credit rating made readily
accessible by the NRSRO, provide a fee schedule or describe the price(s) charged.
Item 8. Answer each question by checking the appropriate box. Refer to the definition of “person within an
Applicant/NRSRO” set forth below to determine the persons to which the questions apply. Information that relates
to an affirmative answer must be provided on a Disclosure Reporting Page (NRSRO) and furnished with Form
NRSRO. Submit a separate Disclosure Reporting Page (NRSRO) for each person that: (a) has committed or
omitted any act, or has been subject to an order or finding, enumerated in subparagraphs (A), (D), (E), (G), or (H)
of section 15(b)(4) of the Securities Exchange Act of 1934, has been convicted of any offense specified in section
15(b)(4)(B) of the Securities Exchange Act of 1934, or has been enjoined from any action, conduct, or practice
specified in section 15(b)(4)(C) of the Securities Exchange Act of 1934; (b) has been convicted of any crime that is
punishable by imprisonment for 1 or more years, and that is not described in section 15(b)(4) of the Securities
Exchange Act of 1934, or has been convicted of a substantially equivalent crime by a foreign court of competent
jurisdiction; or (c) is subject to any order of the Commission barring or suspending the right of the person to be
associated with an NRSRO. The Disclosure Reporting Page (NRSRO) is attached to these instructions. Note: the
definition of “person within an Applicant/NRSRO” is narrower than the definition of “person associated with a
nationally recognized statistical rating organization” in Section 3(a)(63) of the Exchange Act.

You are not required to make any disclosure reporting pages submitted with this Form NRSRO publicly available on
your Web site, or through another comparable, readily accessible means pursuant to Exchange Act Rule 17g-1(i).
You may request that the Commission keep any disclosure reporting pages confidential by marking each page
“Confidential Treatment” and complying with Commission rules governing confidential treatment. The Commission
will keep the disclosure reporting pages confidential upon request to the extent permitted by law.
Item 9. Exhibits. Section 15E(a)(1)(B) of the Exchange Act requires a credit rating agency’s application for
registration as an NRSRO to contain certain specific information and documents and, pursuant to Section
15E(a)(1)(B)(x), any other information and documents concerning the applicant and any person associated with the
applicant that the Commission requires as necessary or appropriate in the public interest or for the protection of
investors. If any information or document required to be included with any Exhibit is maintained in a language other
than English, provide a copy of the original document and a version of the document translated into English. Attach
a certification by an authorized person that the translated version is a true, accurate, and complete English
translation of the information or document. Attach the Exhibits to Form NRSRO in numerical order. Bind each
Exhibit separately, and mark each Exhibit or bound volume of the Exhibit with the appropriate Exhibit number. The
information provided in the Exhibits must be sufficiently detailed to allow for verification. The information and
documents provided in Exhibits 1 through 9 must be made publicly available on the NRSRO’s Web site, or through
another comparable, readily accessible means pursuant to Exchange Act Rule 17g-1(i). The information and
documents required to be provided in Exhibits 10 through 13 are not required to be made publicly available on the
NRSRO’s Web site, or through another comparable, readily accessible means pursuant to Exchange Act Rule 17g1(i). An NRSRO may request that the Commission keep these Exhibits confidential by marking each page of them
“Confidential Treatment” and complying with Commission rules governing confidential treatment (See 17 CFR
200.80 and 17 CFR 200.83). The Commission will keep the information and documents in these Exhibits
confidential upon request to the extent permitted by law.
Exhibit 1. Provide in this Exhibit performance measurement statistics of the credit ratings of the
Applicant/NRSRO, including performance measurement statistics of the credit ratings separately for each
class of credit rating for which the Applicant/NRSRO is seeking registration or is registered (as indicated in
Item 6 and/or 7 of Form NRSRO). For the purposes of this Exhibit, an Applicant/NRSRO registered in the
class of credit ratings described in Section 3(a)(62)(B)(iv) of the Act (15 U.S.C. 78c(a)(62)(B)(iv)) must
include credit ratings of any security or money market instrument issued by an asset pool or as part of any
asset-backed or mortgage-backed securities transaction for purposes of reporting the performance
measurement statistics for this class. In addition, the class of government securities should be separated into

three additional classes: sovereigns, United States public finance, and international public finance. The
performance measurement statistics must at a minimum show the performance of credit ratings in each class
over 1 year, 3 year, and 10 year periods (as applicable) through the most recent calendar year-end,
including, as applicable: historical ratings transition and default rates within each of the credit rating
categories, notches, grades, or rankings used by the Applicant/NRSRO as an indicator of the assessment of
the creditworthiness of an obligor, security, or money market instrument in each class of credit rating. The
default statistics must include defaults relative to the initial rating. As part of this Exhibit, define the credit
rating categories, notches, grades, and rankings used by the Applicant/NRSRO and explain the performance
measurement statistics, including the inputs, time horizons, and metrics used to determine the statistics. If the
Applicant/NRSRO is required to make and keep publicly available on its corporate Internet Web site in an
XBRL (eXtensible Business Reporting Language) format a sample of ratings action information pursuant to
the requirements of 17 CFR 240.17g-2(d), provide in this Exhibit the Web site address where this information
is, or will be, made publicly available.
Exhibit 2. Provide in this Exhibit a general description of the procedures and methodologies used by the
Applicant/NRSRO to determine credit ratings, including unsolicited credit ratings within the classes of credit
ratings for which the Applicant/NRSRO is seeking registration or is registered. The description must be
sufficiently detailed to provide users of credit ratings with an understanding of the processes employed by the
Applicant/NRSRO in determining credit ratings, including, as applicable, descriptions of: policies for
determining whether to initiate a credit rating; a description of the public and non-public sources of
information used in determining credit ratings, including information and analysis provided by third-party
vendors; whether and, if so, how information about verification performed on assets underlying or referenced
by a security or money market instrument issued by an asset pool or as part of any asset-backed or
mortgage-backed securities transaction is relied on in determining credit ratings; the quantitative and
qualitative models and metrics used to determine credit ratings, including whether and, if so, how
assessments of the quality of originators of assets underlying or referenced by a security or money market
instrument issued by an asset pool or as part of any asset-backed or mortgage-backed securities transaction
factor into the determination of credit ratings; the methodologies by which credit ratings of other credit rating
agencies are treated to determine credit ratings for securities or money market instruments issued by an
asset pool or as part of any asset-backed or mortgaged-backed securities transaction; the procedures for
interacting with the management of a rated obligor or issuer of rated securities or money market instruments;
the structure and voting process of committees that review or approve credit ratings; procedures for informing

rated obligors or issuers of rated securities or money market instruments about credit rating decisions and for
appeals of final or pending credit rating decisions; procedures for monitoring, reviewing, and updating credit
ratings, including how frequently credit ratings are reviewed, whether different models or criteria are used for
ratings surveillance than for determining initial ratings, whether changes made to models and criteria for
determining initial ratings are applied retroactively to existing ratings, and whether changes made to models
and criteria for performing ratings surveillance are incorporated into the models and criteria for determining
initial ratings; and procedures to withdraw, or suspend the maintenance of, a credit rating. An
Applicant/NRSRO may provide in Exhibit 2 the location on its Web site where additional information about the
procedures and methodologies is located.
Exhibit 3. Provide in this Exhibit a copy of the written policies and procedures established, maintained, and
enforced by the Applicant/NRSRO to prevent the misuse of material, nonpublic information pursuant to
Section 15E(g) of the Exchange Act and 17 CFR 240.17g-4. Do not include any information that is
proprietary or that would diminish the effectiveness of a specific policy or procedure if made publicly
available.
Exhibit 4. Provide in this Exhibit information about the organizational structure of the Applicant/NRSRO,
including, as applicable, an organizational chart that identifies, as applicable, the ultimate and sub-holding
companies, subsidiaries, and material affiliates of the Applicant/NRSRO; an organizational chart showing the
divisions, departments, and business units of the Applicant/NRSRO; and an organizational chart showing the
managerial structure of the Applicant/NRSRO, including the designated compliance officer identified in Item
4.
Exhibit 5. Provide in this Exhibit a copy of the written code of ethics the Applicant/NRSRO has in effect or a
statement of the reasons why the Applicant/NRSRO does not have a written code of ethics in effect.
Exhibit 6. Identify in this Exhibit the types of conflicts of interest relating to the issuance of credit ratings by
the Applicant/NRSRO that are material to the Applicant/NRSRO. First, identify the conflicts described in the
list below that apply to the Applicant/NRSRO. The Applicant/NRSRO may use the descriptions below to
identify an applicable conflict of interest and is not required to provide any further details. Second, briefly
describe any other type of conflict of interest relating to the issuance of credit ratings by the
Applicant/NRSRO that is not covered in the descriptions below that is material to the Applicant/NRSRO (for
example, one the Applicant/NRSRO has established specific policies and procedures to address):
•

The Applicant/NRSRO is paid by issuers or underwriters to determine credit ratings with respect to
securities or money market instruments they issue or underwrite.

•

The Applicant/NRSRO is paid by obligors to determine credit ratings of the obligors.

•

The Applicant/NRSRO is paid for services in addition to determining credit ratings by issuers,
underwriters, or obligors that have paid the Applicant/NRSRO to determine a credit rating.

•

The Applicant/NRSRO is paid by persons for subscriptions to receive or access the credit ratings of
the Applicant/NRSRO and/or for other services offered by the Applicant/NRSRO where such
persons may use the credit ratings of the Applicant/NRSRO to comply with, and obtain benefits or
relief under, statutes and regulations using the term “nationally recognized statistical rating
organization.”

•

The Applicant/NRSRO is paid by persons for subscriptions to receive or access the credit ratings of
the Applicant/NRSRO and/or for other services offered by the Applicant/NRSRO where such
persons also may own investments or have entered into transactions that could be favorably or
adversely impacted by a credit rating issued by the Applicant/NRSRO.

•

The Applicant/NRSRO allows persons within the Applicant/NRSRO to:
o

Directly own securities or money market instruments of, or have other direct ownership
interests in, obligors or issuers subject to a credit rating determined by the Applicant/NRSRO.

Have business relationships that are more than arms length ordinary course business
relationships with obligors or issuers subject to a credit rating determined by the
Applicant/NRSRO.

•

A person associated with the Applicant/NRSRO is a broker or dealer engaged in the business of
underwriting securities or money market instruments (identify the person).

•

The Applicant/NRSRO has any other material conflict of interest that arises from the issuances of
credit ratings (briefly describe).

Exhibit 7. Provide in this Exhibit a copy of the written policies and procedures established, maintained, and
enforced by the Applicant/NRSRO to address and manage conflicts of interest pursuant to Section 15E(h) of
the Exchange Act. Do not include any information that is proprietary or that would diminish the effectiveness
of a specific policy or procedure if made publicly available.
Exhibit 8. Provide in this Exhibit the following information about the Applicant/NRSRO’s credit analysts (See
definition below) and the persons who supervise the credit analysts:
•

The total number of credit analysts.

•

The total number of credit analyst supervisors.

•

A general description of the minimum qualifications required of the credit analysts, including
education level and work experience (if applicable, distinguish between junior, mid, and senior level
credit analysts).

•

A general description of the minimum qualifications required of the credit analyst supervisors,
including education level and work experience.

Exhibit 9. Provide in this Exhibit the following information about the designated compliance officer (identified
in Item 4) of the Applicant/NRSRO:
•

Name.

•

Employment history.

•

Post secondary education.

•

Whether employed by the Applicant/NRSRO full-time or part-time.

Exhibit 10. Provide in this Exhibit a list of the largest users of credit rating services of the Applicant by the
amount of net revenue earned by the Applicant attributable to the person during the fiscal year ending
immediately before the date of the initial application. First, determine and list the 20 largest issuers and
subscribers in terms of net revenue. Next, add to the list any obligor or underwriter that, in terms of net
revenue during the fiscal year, equaled or exceeded the 20th largest issuer or subscriber. In making the list,
rank the persons in terms of net revenue from largest to smallest and include the net revenue amount for
each person. For purposes of this Exhibit:
Net revenue means revenue earned by the Applicant for any type of service or product provided to the
person, regardless of whether related to credit rating services, and net of any rebates and allowances the
Applicant paid or owes to the person; and
Credit rating services means any of the following: rating an obligor (regardless of whether the obligor or any
other person paid for the credit rating); rating an issuer’s securities or money market instruments (regardless
of whether the issuer, underwriter, or any other person paid for the credit rating); and providing credit ratings,
credit ratings data, or credit ratings analysis to a subscriber.
An NRSRO is not required to make this Exhibit publicly available on its Web site, or through another
comparable, readily accessible means pursuant to Exchange Act Rule 17g-1(i). An NRSRO may request that
the Commission keep this Exhibit confidential by marking each page “Confidential Treatment” and complying
with Commission rules governing confidential treatment (See 17 CFR 200.80 and 17 CFR 200.83). The
Commission will keep the information and documents in the Exhibit confidential upon request to the extent
permitted by law.

Exhibit 11. Provide in this Exhibit the financial statements of the Applicant, which must include a balance
sheet, an income statement and statement of cash flows, and a statement of changes in ownership equity,
audited by an independent public accountant, for each of the three fiscal or calendar years ending
immediately before the date of the Applicant’s initial application to the Commission, subject to the following:
If the Applicant is a division, unit, or subsidiary of a parent company, the Applicant may provide audited
consolidated financial statements of its parent company.
If the Applicant does not have audited financial statements for one or more of the three fiscal or calendar
years ending immediately before the date of the initial application, the Applicant can provide unaudited
financial statements for the applicable year or years, but must provide audited financial statements for the
fiscal or calendar year ending immediately before the date of the initial application. Attach to the unaudited
financial statements a certification by a person duly authorized by the Applicant to make the certification that
the person has responsibility for the financial statements and that to the best knowledge of the person making
the certification the financial statements fairly present, in all material respects, the Applicant’s financial
condition, results of operations, and cash flows for the period presented.
An NRSRO is not required to make this Exhibit publicly available on its Web site, or through another
comparable, readily accessible means pursuant to Exchange Act Rule 17g-1(i). An NRSRO may request that
the Commission keep this Exhibit confidential by marking each page “Confidential Treatment” and complying
with Commission rules governing confidential treatment (See 17 CFR 200.80 and 17 CFR 200.83). The
Commission will keep the information and documents in the Exhibit confidential upon request to the extent
permitted by law.
Exhibit 12. Provide in this Exhibit the following information, as applicable, and which is not required to be
audited, regarding the Applicant’s aggregate revenues for the fiscal or calendar year ending immediately before
the date of the initial application:
•

Revenue from determining and maintaining credit ratings;

•

Revenue from subscribers;

•

Revenue from granting licenses or rights to publish credit ratings; and

•

Revenue from all other services and products offered by your credit rating organization (include
descriptions of any major sources of revenue).

An NRSRO is not required to make this Exhibit publicly available on its Web site or, through another
comparable, readily accessible means pursuant to Exchange Act Rule 17g-1(i). An NRSRO may request that
the Commission keep this Exhibit confidential by marking each page “Confidential Treatment” and complying

with Commission rules governing confidential treatment (See 17 CFR 200.80 and 17 CFR 200.83). The
Commission will keep the information and documents in the Exhibit confidential upon request to the extent
permitted by law.
Exhibit 13. Provide in this Exhibit the approximate total and median annual compensation of the Applicant’s
credit analysts for the fiscal or calendar year ending immediately before the date of this initial application. In
calculating total and median annual compensation, the Applicant may exclude deferred compensation, provided
such exclusion is noted in the Exhibit.
An NRSRO is not required to make this Exhibit publicly available on its Web site, or through another
comparable, readily accessible means pursuant to Exchange Act Rule 17g-1(i). An NRSRO may request that
the Commission keep this Exhibit confidential by marking each page “Confidential Treatment” and complying
with Commission rules governing confidential treatment (See 17 CFR 200.80 and 17 CFR 200.83). The
Commission will keep the information and documents in the Exhibit confidential upon request to the extent
permitted by law.
F.

EXPLANATION OF TERMS.
1.

COMMISSION - The U. S. Securities and Exchange Commission.

CREDIT RATING [Section 3(a)(60) of the Exchange Act] - An assessment of the creditworthiness
of an obligor as an entity or with respect to specific securities or money market instruments.

CREDIT RATING AGENCY [Section 3(a)(61) of the Exchange Act] - Any person:
•

engaged in the business of issuing credit ratings on the Internet or through another readily
accessible means, for free or for a reasonable fee, but does not include a commercial
credit reporting company;

•

employing either a quantitative or qualitative model, or both to determine credit ratings; and

•

receiving fees from either issuers, investors, other market participants, or a combination
thereof.

NATIONALLY RECOGNIZED STATISTICAL RATING ORGANIZATION [Section 3(a)(62) of the
Exchange Act] - A credit rating agency that:
•

has been in business as a credit rating agency for at least the 3 consecutive years
immediately preceding the date of its application for registration as an NRSRO;

•

issues credit ratings certified by qualified institutional buyers in accordance with section
15(a)(1)(B)(ix) of the Exchange Act with respect to:
o

financial institutions, brokers, or dealers;

insurance companies;

corporate issuers;

issuers of asset-backed securities;

issuers of government securities, municipal securities, or securities issued by a
foreign government; or

o
•
6.

a combination of one or more of the above; and

is registered as an NRSRO.

PERSON - An individual, partnership, corporation, trust, company, limited liability company, or
other organization (including a separately identifiable department or division).

PERSON WITHIN AN APPLICANT/NRSRO – The person furnishing Form NRSRO identified in
Item 1, any credit rating affiliates identified in Item 3, and any partner, officer, director, branch
manager, or employee of the person or the credit rating affiliates (or any person occupying a similar
status or performing similar functions).

SEPARATELY IDENTIFIABLE DEPARTMENT OR DIVISION - A unit of a corporation or company:
•

that is under the direct supervision of an officer or officers designated by the board of directors
of the corporation as responsible for the day-to-day conduct of the corporation’s credit rating
activities for one or more affiliates, including the supervision of all employees engaged in the
performance of such activities; and

•

for which all of the records relating to its credit rating activities are separately created or
maintained in or extractable from such unit’s own facilities or the facilities of the corporation,
and such records are so maintained or otherwise accessible as to permit independent
examination and enforcement by the Commission of the Exchange Act and rules and
regulations promulgated thereunder.

QUALIFIED INSTITUTIONAL BUYER [Section 3(a)(64) of the Exchange Act] - An entity listed in 17
CFR 230.144A(a) that is not affiliated with the credit rating agency.

DISCLOSURE REPORTING PAGE (NRSRO)
This Disclosure Reporting Page (DRP) is to be used to provide information concerning affirmative responses to
Item 8 of Form NRSRO.
Submit a separate DRP for each person that: (a) has committed or omitted any act, or been subject to an order or finding,
enumerated in subparagraphs (A), (D), (E), (G), or (H) of section 15(b)(4) of the Securities Exchange Act of 1934, has been
convicted of any offense specified in section 15(b)(4)(B) of the Securities Exchange Act of 1934, or has been enjoined from any
action, conduct, or practice specified in section 15(b)(4)(C) of the Securities Exchange Act of 1934; (b) has been convicted of
any crime that is punishable by imprisonment for 1 or more years, and that is not described in section 15(b)(4) of the Securities
Exchange Act of 1934, or has been convicted of a substantially equivalent crime by a foreign court of competent jurisdiction; or
(c) is subject to any order of the Commission barring or suspending the right of the person to be associated with an NRSRO.

Name of Applicant/NRSRO

Date

________________________________________

_____________________

Check Item being responded to:

□
□
□

Item 8A
Item 8B
Item 8C

Full name of the person for whom this DRP is being submitted:
_____________________________________________________________________________
If this DRP provides information relating to a “Yes” answer to Item 8A, describe the act(s) that was (were)
committed or omitted; or the order(s) or finding(s); or the injunction(s) (provide the relevant statute(s) or
regulation(s)) and provide jurisdiction(s) and date(s):
_____________________________________________________________________________
If this DRP provides information relating to a “Yes” answer to Item 8B, describe the crime(s) and provide
jurisdiction(s) and date(s):
_____________________________________________________________________________
If this DRP provides information relating to a “Yes” answer to Item 8C, attach the relevant Commission order(s) and
provide the date(s):
_____________________________________________________________________________

File Type	application/pdf
File Title	Form NRSRO
Subject	Date: 2012-06-18, SEC 1541
Author	U.S. Securities and Exchange Commission
File Modified	2012-06-18
File Created	2009-04-02