Page:United States Statutes at Large Volume 120.djvu/1362

 PUBLIC LAW 109–291—SEPT. 29, 2006

120 STAT. 1331

‘‘(ii) DETERMINATION.—At the conclusion of such proceedings, the Commission, by order, shall grant or deny such application for registration. ‘‘(iii) EXTENSION AUTHORIZED.—The Commission may extend the time for conclusion of such proceedings for not longer than 90 days, if it finds good cause for such extension and publishes its reasons for so finding, or for such longer period as to which the applicant consents. ‘‘(C) GROUNDS FOR DECISION.—The Commission shall grant registration under this subsection— ‘‘(i) if the Commission finds that the requirements of this section are satisfied; and ‘‘(ii) unless the Commission finds (in which case the Commission shall deny such registration) that— ‘‘(I) the applicant does not have adequate financial and managerial resources to consistently produce credit ratings with integrity and to materially comply with the procedures and methodologies disclosed under paragraph (1)(B) and with subsections (g), (h), (i), and (j); or ‘‘(II) if the applicant were so registered, its registration would be subject to suspension or revocation under subsection (d). ‘‘(3) PUBLIC AVAILABILITY OF INFORMATION.—Subject to section 24, the Commission shall, by rule, require a nationally recognized statistical rating organization, upon the granting of registration under this section, to make the information and documents submitted to the Commission in its completed application for registration, or in any amendment submitted under paragraph (1) or (2) of subsection (b), publicly available on its website, or through another comparable, readily accessible means, except as provided in clauses (viii) and (ix) of paragraph (1)(B). ‘‘(b) UPDATE OF REGISTRATION.— ‘‘(1) UPDATE.—Each nationally recognized statistical rating organization shall promptly amend its application for registration under this section if any information or document provided therein becomes materially inaccurate, except that a nationally recognized statistical rating organization is not required to amend— ‘‘(A) the information required to be furnished under subsection (a)(1)(B)(i) by furnishing information under this paragraph, but shall amend such information in the annual submission of the organization under paragraph (2) of this subsection; or ‘‘(B) the certifications required to be provided under subsection (a)(1)(B)(ix) by furnishing information under this paragraph. ‘‘(2) CERTIFICATION.—Not later than 90 days after the end of each calendar year, each nationally recognized statistical rating organization shall furnish to the Commission an amendment to its registration, in such form as the Commission, by rule, may prescribe as necessary or appropriate in the public interest or for the protection of investors—

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