XXXX年年度报告(美国注册评级机构)

________________________________________________________________________________________________________________________________________________________________________________________________________________________AnnualReportonNationallyRecognizedStatisticalRatingOrganizations________________________________________________________________________________________________________________________________________________________________________________________________________________________AsRequiredbySection6oftheCreditRatingAgencyReformActof2006U.S.SecuritiesandExchangeCommission______________________________________________________________________________________________________March20121ANNUALREPORTONNATIONALLYRECOGNIZEDSTATISTICALRATINGORGANIZATIONSAsRequiredbySection6oftheCreditRatingAgencyReformActof2006I.INTRODUCTIONTheU.S.SecuritiesandExchangeCommission(“Commission”)isprovidingthisreportunderSection6oftheCreditRatingAgencyReformActof2006(“RatingAgencyAct”).1Section6oftheRatingAgencyActrequirestheCommissiontosubmitanannualreporttotheCommitteeonBanking,Housing,andUrbanAffairsoftheSenateandtheCommitteeonFinancialServicesoftheHouseofRepresentativesthat,withrespecttotheyeartowhichthereportrelates:•Identifiesapplicantsforregistrationasnationallyrecognizedstatisticalratingorganizations(“NRSROs”)underSection15EoftheSecuritiesExchangeActof1934(“ExchangeAct”);•Specifiesthenumberofandactionstakenonsuchapplications;and•SpecifiestheviewsoftheCommissiononthestateofcompetition,transparency,andconflictsofinterestamongNRSROs.ThisreportrelatestotheperiodfromJune26,2010toJune25,2011.21Pub.L.109-291,120Stat.1327,S.3850(Sept.29,2006).TheRatingAgencyAct,amongotherthings,addedSection15EtotheExchangeAct(15U.S.C.78o-7)toestablishself-executingrequirementsonNRSROsandprovidetheCommissionwiththeauthoritytoimplementaregistrationandoversightprogramforNRSROs.OnJune5,2007,theCommissionapprovedrulesimplementingsuchaprogram.SeeOversightofCreditRatingAgenciesRegisteredasNationallyRecognizedStatisticalRatingOrganizations,ExchangeActReleaseNo.55857,72FR33564(Jun.18,2007)(“June2007AdoptingRelease”).TheimplementingruleswereFormNRSRO(17CFR249b.300)andRules17g-1through17g-6(17CFR240.17g-1through17g-6).TheCommissionhastwiceadoptedamendmentstosomeoftheserules.SeeAmendmentstoRulesforNationallyRecognizedStatisticalRatingOrganizations,ExchangeActReleaseNo.59342(Feb.2,2009),74FR6456(Feb.9,2009)(“February2009AdoptingRelease”)andAmendmentstoRulesforNationallyRecognizedStatisticalRatingOrganizations,ExchangeActReleaseNo.61050(Nov.23,2009),74FR63832(Dec.4,2009)(“November2009AdoptingRelease”).TheCommissionhasalsoadoptednewRule17g-7(17CFR240.17g-7).SeeDisclosureforAsset-BackedSecuritiesRequiredbySection943oftheDodd-FrankWallStreetReformandConsumerProtectionAct,SecuritiesActof1933ReleaseNo.9175;ExchangeActReleaseNo.63741(Jan.20,2011),76FR4515(Jan.26,2011).ThereportprovidesanoverviewofCommissionrulemakingandotheractionsrelatingtoNRSROs2Thefirstannualreport,whichwaspublishedinJune2008,relatedtotheperiodfromJune26,2007,theeffectivedateoftheRatingAgencyAct,toJune25,2008.See’swebsite:(the“Dodd-FrankAct”)3wasenacted.TheNRSROprovisionsintheDodd-FrankActsubstantiallyaugmenttheRatingAgencyAct.Inparticular,TitleIX,SubtitleC,consistingofSections931through939HoftheDodd-FrankAct,“ImprovementstotheRegulationofCreditRatingAgencies,”amendedtheExchangeActtoimposenewself-executingrequirementswithrespecttoNRSROs,requiresthattheCommissionadoptrulesapplicabletoNRSROsinanumberofareas,andrequirestheCommissiontoconductcertainstudies.4Further,Section939AoftheDodd-FrankActrequireseachFederalagencyto:reviewitsregulationsthatrequiretheuseofanassessmentofthecredit-worthinessofasecurityormoneymarketinstrumentandanyreferencestoorrequirementsregardingcreditratings;modifyitsregulationstoremovereferencestoorrequirementsofrelianceoncreditratingsandsubstitutethestandardofcreditworthinesstheagencydeterminesisappropriate;andtransmitareporttoCongressdescribinganymodificationstotheregulations.5AsdescribedbelowinSectionIIofthisreport,theCommissionhasproposedandadoptedrulesandruleamendmentsinresponsetothe“referenceremoval”mandateoftheDodd-FrankAct.63Pub.L.111-203,124Stat.1376,H.R.4173.4TheCommissionhastakencertainactionsinaccordancewiththeseprovisions.SeeSectionIIofthisreport.5TheCommissionissuedthisreportonJuly21,2011,subsequenttothisreportingperiod.SeeReportonReviewofRelianceonCreditRatingsAsRequiredbySection939A(c)oftheDodd-FrankWallStreetReformandConsumerProtectionAct,July2011.InSectionIIIofthereport,theCommissiondescribedcertainrulesandformsthatCommissionstaffiscontinuingtoconsiderhowbesttoaddressinlightofSection939AoftheDodd-FrankAct.6TheCommissiont