Page:United States Statutes at Large Volume 120.djvu/1367

 120 STAT. 1336

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PUBLIC LAW 109–291—SEPT. 29, 2006 ‘‘(ii) on and after the date of approval of its application for registration under this section; and ‘‘(B) the advice, approval, or no-action letter described in subparagraph (A) shall be void. ‘‘(3) NOTICE TO OTHER AGENCIES.—Not later than 30 days after the date of enactment of this section, the Commission shall give notice of the actions undertaken pursuant to this section to each Federal agency which employs in its rules and regulations the term ‘nationally recognized statistical rating organization’ (as that term is used under Commission rule 15c3–1 (17 C.F.R. 240.15c3–1), as in effect on the date of enactment of this section). ‘‘(m) RULES OF CONSTRUCTION.— ‘‘(1) NO WAIVER OF RIGHTS, PRIVILEGES, OR DEFENSES.— Registration under and compliance with this section does not constitute a waiver of, or otherwise diminish, any right, privilege, or defense that a nationally recognized statistical rating organization may otherwise have under any provision of State or Federal law, including any rule, regulation, or order thereunder. ‘‘(2) NO PRIVATE RIGHT OF ACTION.—Nothing in this section may be construed as creating any private right of action, and no report furnished by a nationally recognized statistical rating organization in accordance with this section or section 17 shall create a private right of action under section 18 or any other provision of law. ‘‘(n) REGULATIONS.— ‘‘(1) NEW PROVISIONS.—Such rules and regulations as are required by this section or are otherwise necessary to carry out this section, including the application form required under subsection (a)— ‘‘(A) shall be issued by the Commission in final form, not later than 270 days after the date of enactment of this section; and ‘‘(B) shall become effective not later than 270 days after the date of enactment of this section. ‘‘(2) REVIEW OF EXISTING REGULATIONS.—Not later than 270 days after the date of enactment of this section, the Commission shall— ‘‘(A) review its existing rules and regulations which employ the term ‘nationally recognized statistical rating organization’ or ‘NRSRO’; and ‘‘(B) amend or revise such rules and regulations in accordance with the purposes of this section, as the Commission may prescribe as necessary or appropriate in the public interest or for the protection of investors. ‘‘(o) NRSROS SUBJECT TO COMMISSION AUTHORITY.— ‘‘(1) IN GENERAL.—No provision of the laws of any State or political subdivision thereof requiring the registration, licensing, or qualification as a credit rating agency or a nationally recognized statistical rating organization shall apply to any nationally recognized statistical rating organization or person employed by or working under the control of a nationally recognized statistical rating organization. ‘‘(2) LIMITATION.—Nothing in this subsection prohibits the securities commission (or any agency or office performing like functions) of any State from investigating and bringing an

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