Introduction

The Securities and Exchange Commission (Commission) amended Rule 17g-7 of the Securities Exchange Act of 1934 (Exchange Act) in August 2014. Paragraph (b) of Rule 17g-7, as amended, requires nationally recognized statistical rating organizations (NRSROs) to disclose certain credit rating histories.¹ The amendments to Rule 17g-7 have an effective date of June 15, 2015.

Format of Credit Rating History Disclosure

Paragraph (b)(3) of Rule 17g-7 requires NRSROs to disclose their credit rating histories in an interactive data file that uses an XBRL (eXtensible Business Reporting Language) format and the Record of Credit Ratings Taxonomy. The taxonomy is available at http://www.sec.gov/info/edgar/edgartaxonomies.shtml#RATINGS2015.

A Rating History Files Publication Guide is available to provide guidance for preparing XBRL files in accordance with the requirements of paragraph (b) of Rule 17g-7 and the Record of Credit Ratings Taxonomy.

Location of Credit Rating History Disclosure

The credit rating history disclosures are required to be made available on an easily accessible portion of each NRSRO’s website.

In addition, each NRSRO is required to include, as part of Exhibit 1 to Form NRSRO, a link to the location on its website where the credit rating histories can be found. An NRSRO must make its current Form NRSRO (including Exhibit 1, which is required to be updated annually) available on an easily accessible portion of its website. Each NRSRO will also be required to submit Form NRSRO electronically using the Commission’s EDGAR system after the EDGAR system is ready to receive the form. Forms NRSRO that are submitted electronically on the EDGAR system will be publicly available on the Commission’s website.

Other Resources

The adopting release for the credit rating history disclosure requirements pursuant to paragraph (b) of Rule 17g-7 can be found on the Commission's website at http://www.sec.gov/rules/final/2014/34-72936.pdf.

Additional materials regarding NRSROs generally are available on the Commission's website at http://www.sec.gov/ocr/ratingagency.html.

Contacting the Commission

The Office of Credit Ratings is happy to assist with questions regarding the credit rating history disclosure requirements. You can submit a question by email to OCR@sec.gov or you can call the Office of Credit Ratings at (212) 336-9080.

For any technical questions related to the use of XBRL and the Record of Credit Ratings Taxonomy, please contact the Office of Structured Disclosure.

¹ This summary was prepared by the staff of the Commission to explain rules adopted by the Commission but it is not a substitute for the rules themselves. Only the rules themselves can provide complete, definitive information regarding its requirements.