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PUBLIC LAW 111–203—JULY 21, 2010 124 STAT. 1885

(1) meets standards of training, experience, and competence
necessary to produce accurate ratings for the categories of
issuers whose securities the person rates; and
(2) is tested for knowledge of the credit rating process.

SEC. 937. TIMING OF REGULATIONS. 15 USC 78o–7
note.
Unless otherwise specifically provided in this subtitle, the
Commission shall issue final regulations, as required by this subtitle
and the amendments made by this subtitle, not later than 1 year
after the date of enactment of this Act.

SEC. 938. UNIVERSAL RATINGS SYMBOLS. 15 USC 78o–8.
(a) RULEMAKING.—The Commission shall require, by rule, each Procedures.
nationally recognized statistical rating organization to establish,
maintain, and enforce written policies and procedures that—
(1) assess the probability that an issuer of a security or
money market instrument will default, fail to make timely
payments, or otherwise not make payments to investors in
accordance with the terms of the security or money market
instrument;
(2) clearly define and disclose the meaning of any symbol
used by the nationally recognized statistical rating organization
to denote a credit rating; and
(3) apply any symbol described in paragraph (2) in a
manner that is consistent for all types of securities and money
market instruments for which the symbol is used.
(b) RULE OF CONSTRUCTION.—Nothing in this section shall pro-
hibit a nationally recognized statistical rating organization from
using distinct sets of symbols to denote credit ratings for different
types of securities or money market instruments.

SEC. 939. REMOVAL OF STATUTORY REFERENCES TO CREDIT RATINGS.
(a) FEDERAL DEPOSIT INSURANCE ACT.—The Federal Deposit
Insurance Act (12 U.S.C. 1811 et seq.) is amended—
(1) in section 7(b)(1)(E)(i), by striking ‘‘credit rating entities, 12 USC 1817.
and other private economic’’ and insert ‘‘private economic,
credit,’’;
(2) in section 28(d)— 12 USC 1831e.
(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’’;
(C) in paragraph (2), by striking ‘‘not of investment
grade’’;
(D) by striking paragraph (3);
(E) by redesignating paragraph (4) as paragraph (3);
and
(F) in paragraph (3), as so redesignated—
(i) by striking subparagraph (A);
(ii) by redesignating subparagraphs (B) and (C)
as subparagraphs (A) and (B), respectively; and
(iii) in subparagraph (B), as so redesignated, by
striking ‘‘not of investment grade’’ and inserting ‘‘that

LAWS does not meet standards of credit-worthiness as estab- lished by the Corporation’’; and (3) in section 28(e)—PUBLIC with on anorris VerDate Nov 24 2008 03:41 Aug 28, 2010 Jkt 089139 PO 00203 Frm 00511 Fmt 6580 Sfmt 6581 E:\PUBLAW\PUBL203.111 GPO1 PsN: PUBL203