Page:United States Statutes at Large Volume 124.djvu/1912

 124 STAT. 1886 PUBLIC LAW 111–203—JULY 21, 2010 (A) in the subsection heading, by striking ‘‘NOT OF INVESTMENT GRADE’’; (B) in paragraph (1), by striking ‘‘not of investment grade’’ and inserting ‘‘that does not meet standards of credit-worthiness as established by the Corporation’’; and (C) in paragraphs (2) and (3), by striking ‘‘not of invest- ment grade’’ each place that it appears and inserting ‘‘that does not meet standards of credit-worthiness established by the Corporation’’. (b) FEDERAL HOUSING ENTERPRISES FINANCIAL SAFETY AND SOUNDNESS ACT OF 1992.—Section 1319 of the Federal Housing Enterprises Financial Safety and Soundness Act of 1992 (12 U.S.C. 4519) is amended by striking ‘‘that is a nationally recognized statis- tical rating organization, as such term is defined in section 3(a) of the Securities Exchange Act of 1934,’’. (c) INVESTMENT COMPANY ACT OF 1940.—Section 6(a)(5)(A)(iv)(I) Investment Company Act of 1940 (15 U.S.C. 80a– 6(a)(5)(A)(iv)(I)) is amended by striking ‘‘is rated investment grade by not less than 1 nationally recognized statistical rating organiza- tion’’ and inserting ‘‘meets such standards of credit-worthiness as the Commission shall adopt’’. (d) REVISED STATUTES.—Section 5136A of title LXII of the Revised Statutes of the United States (12 U.S.C. 24a) is amended— (1) in subsection (a)(2)(E), by striking ‘‘any applicable rating’’ and inserting ‘‘standards of credit-worthiness estab- lished by the Comptroller of the Currency’’; (2) in the heading for subsection (a)(3) by striking ‘‘RATING OR COMPARABLE REQUIREMENT’’ and inserting ‘‘REQUIREMENT’’; (3) subsection (a)(3), by amending subparagraph (A) to read as follows: ‘‘(A) IN GENERAL.—A national bank meets the require- ments of this paragraph if the bank is one of the 100 largest insured banks and has not fewer than 1 issue of outstanding debt that meets standards of credit-worthi- ness or other criteria as the Secretary of the Treasury and the Board of Governors of the Federal Reserve System may jointly establish.’’. (4) in the heading for subsection (f), by striking ‘‘MAINTAIN PUBLIC RATING OR’’ and inserting ‘‘MEET STANDARDS OF CREDIT- WORTHINESS’’; and (5) in subsection (f)(1), by striking ‘‘any applicable rating’’ and inserting ‘‘standards of credit-worthiness established by the Comptroller of the Currency’’. (e) SECURITIES EXCHANGE ACT OF 1934.—Section 3(a) Securities Exchange Act of 1934 (15 U.S.C. 78a(3)(a)) is amended— (1) in paragraph (41), by striking ‘‘is rated in one of the two highest rating categories by at least one nationally recog- nized statistical rating organization’’ and inserting ‘‘meets standards of credit-worthiness as established by the Commis- sion’’; and (2) in paragraph (53)(A), by striking ‘‘is rated in 1 of the 4 highest rating categories by at least 1 nationally recognized statistical rating organization’’ and inserting ‘‘meets standards of credit-worthiness as established by the Commission’’. (f) WORLD BANK DISCUSSIONS.—Section 3(a)(6) of the amend- ment in the nature of a substitute to the text of H.R. 4645, as ordered reported from the Committee on Banking, Finance and 15 USC 78c.