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 120 STAT. 1330

such applicant as the Commission, by rule, may prescribe as necessary or appropriate in the public interest or for the protection of investors. ‘‘(C) WRITTEN CERTIFICATIONS.—Written certifications required by subparagraph (B)(ix)— ‘‘(i) shall be provided from not fewer than 10 qualified institutional buyers, none of which is affiliated with the applicant; ‘‘(ii) may address more than one category of obligors described in any of clauses (i) through (v) of section 3(a)(62)(B); ‘‘(iii) shall include not fewer than 2 certifications for each such category of obligor; and ‘‘(iv) shall state that the qualified institutional buyer— ‘‘(I) meets the definition of a qualified institutional buyer under section 3(a)(64); and ‘‘(II) has used the credit ratings of the applicant for at least the 3 years immediately preceding the date of the certification in the subject category or categories of obligors. ‘‘(D) EXEMPTION FROM CERTIFICATION REQUIREMENT.— A written certification under subparagraph (B)(ix) is not required with respect to any credit rating agency which has received, or been the subject of, a no-action letter from the staff of the Commission prior to August 2, 2006, stating that such staff would not recommend enforcement action against any broker or dealer that considers credit ratings issued by such credit rating agency to be ratings from a nationally recognized statistical rating organization. ‘‘(E) LIMITATION ON LIABILITY OF QUALIFIED INSTITUTIONAL BUYERS.—No qualified institutional buyer shall be liable in any private right of action for any opinion or statement expressed in a certification made pursuant to subparagraph (B)(ix). ‘‘(2) REVIEW OF APPLICATION.— ‘‘(A) INITIAL DETERMINATION.—Not later than 90 days after the date on which the application for registration is furnished to the Commission under paragraph (1) (or within such longer period as to which the applicant consents) the Commission shall— ‘‘(i) by order, grant such registration for ratings in the subject category or categories of obligors, as described in clauses (i) through (v) of section 3(a)(62)(B); or ‘‘(ii) institute proceedings to determine whether registration should be denied. ‘‘(B) CONDUCT OF PROCEEDINGS.— ‘‘(i) CONTENT.—Proceedings referred to in subparagraph (A)(ii) shall— ‘‘(I) include notice of the grounds for denial under consideration and an opportunity for hearing; and ‘‘(II) be concluded not later than 120 days after the date on which the application for registration is furnished to the Commission under paragraph (1).

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