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PUBLIC LAW 111–203—JULY 21, 2010 124 STAT. 1889

(1) establishing independent standards for governing the
profession of rating analysts;
(2) establishing a code of ethical conduct; and
(3) overseeing the profession of rating analysts.
(b) REPORT.—Not later than 1 year after the date of publication
of the rules issued by the Commission pursuant to section 936,
the Comptroller General shall submit to the Committee on Banking,
Housing, and Urban Affairs of the Senate and the Committee
on Financial Services of the House of Representatives a report
on the results of the study conducted under subsection (a).

SEC. 939F. STUDY AND RULEMAKING ON ASSIGNED CREDIT RATINGS. 15 USC 78o–9.
(a) DEFINITION.—In this section, the term ‘‘structured finance
product’’ means an asset-backed security, as defined in section
3(a)(77) of the Securities Exchange Act of 1934, as added by section
941, and any structured product based on an asset-backed security,
as determined by the Commission, by rule.
(b) STUDY.—The Commission shall carry out a study of—
(1) the credit rating process for structured finance products
and the conflicts of interest associated with the issuer-pay
and the subscriber-pay models;
(2) the feasibility of establishing a system in which a public
or private utility or a self-regulatory organization assigns
nationally recognized statistical rating organizations to deter-
mine the credit ratings of structured finance products,
including—
(A) an assessment of potential mechanisms for deter-
mining fees for the nationally recognized statistical rating
organizations;
(B) appropriate methods for paying fees to the nation-
ally recognized statistical rating organizations;
(C) the extent to which the creation of such a system
would be viewed as the creation of moral hazard by the
Federal Government; and
(D) any constitutional or other issues concerning the
establishment of such a system;
(3) the range of metrics that could be used to determine
the accuracy of credit ratings; and
(4) alternative means for compensating nationally recog-
nized statistical rating organizations that would create incen-
tives for accurate credit ratings.
(c) REPORT AND RECOMMENDATION.—Not later than 24 months
after the date of enactment of this Act, the Commission shall
submit to the Committee on Banking, Housing, and Urban Affairs
of the Senate and the Committee on Financial Services of the
House of Representatives a report that contains—
(1) the findings of the study required under subsection
(b); and
(2) any recommendations for regulatory or statutory
changes that the Commission determines should be made to
implement the findings of the study required under subsection
(b).
(d) RULEMAKING.—
(1) RULEMAKING.—After submission of the report under Determinations.

LAWS subsection (c), the Commission shall, by rule, as the Commis- sion determines is necessary or appropriate in the public interest or for the protection of investors, establish a systemPUBLIC with on anorris VerDate Nov 24 2008 03:41 Aug 28, 2010 Jkt 089139 PO 00203 Frm 00515 Fmt 6580 Sfmt 6581 E:\PUBLAW\PUBL203.111 GPO1 PsN: PUBL203