Page:United States Statutes at Large Volume 124.djvu/1906

 124 STAT. 1880 PUBLIC LAW 111–203—JULY 21, 2010 ‘‘(iii) if applicable, how the nationally recognized statistical rating organization used servicer or remit- tance reports, and with what frequency, to conduct surveillance of the credit rating; and ‘‘(B) information that can be used by investors and other users of credit ratings to better understand credit ratings in each class of credit rating issued by the nation- ally recognized statistical rating organization. ‘‘(2) FORMAT.—The form developed under paragraph (1) shall— ‘‘(A) be easy to use and helpful for users of credit ratings to understand the information contained in the report; ‘‘(B) require the nationally recognized statistical rating organization to provide the content described in paragraph (3)(B) in a manner that is directly comparable across types of securities; and ‘‘(C) be made readily available to users of credit ratings, in electronic or paper form, as the Commission may, by rule, determine. ‘‘(3) CONTENT OF FORM.— ‘‘(A) QUALITATIVE CONTENT.—Each nationally recog- nized statistical rating organization shall disclose on the form developed under paragraph (1)— ‘‘(i) the credit ratings produced by the nationally recognized statistical rating organization; ‘‘(ii) the main assumptions and principles used in constructing procedures and methodologies, including qualitative methodologies and quantitative inputs and assumptions about the correlation of defaults across underlying assets used in rating struc- tured products; ‘‘(iii) the potential limitations of the credit ratings, and the types of risks excluded from the credit ratings that the nationally recognized statistical rating organization does not comment on, including liquidity, market, and other risks; ‘‘(iv) information on the uncertainty of the credit rating, including— ‘‘(I) information on the reliability, accuracy, and quality of the data relied on in determining the credit rating; and ‘‘(II) a statement relating to the extent to which data essential to the determination of the credit rating were reliable or limited, including— ‘‘(aa) any limits on the scope of historical data; and ‘‘(bb) any limits in accessibility to certain documents or other types of information that would have better informed the credit rating; ‘‘(v) whether and to what extent third party due diligence services have been used by the nationally recognized statistical rating organization, a description of the information that such third party reviewed in conducting due diligence services, and a description of the findings or conclusions of such third party;