The staff of the Commission may issue guidance that includes a summary or explanation of rules adopted or amended by the Commission. The staff guidance below relates to NRSROs and is organized by category. Please note that staff guidance is not a substitute for any rule, and only the rule itself can provide complete and definitive information regarding its requirements.

Compliance Guides

• August 2014 Amendments to Existing Rules and New Rules That Apply to Nationally Recognized Statistical Rating Organizations, Providers of Due Diligence Services for Asset-Backed Securities, and Issuers and Underwriters of Asset-Backed Securities in Accordance with the Dodd-Frank Wall Street Reform and Consumer Protection Act
• Oversight of Nationally Recognized Statistical Rating Organizations
• November 2009 Amendments to the Rules Relating to the Oversight of Nationally Recognized Statistical Rating Organizations
• February 2009 Amendments to the Rules Relating to the Oversight of Nationally Recognized Statistical Rating Organizations

"Dear DCO" Letters

• "Dear DCO" Letter (Nov. 2012)
• "Dear DCO" Letter (July 2016)

Disclosure of Credit Rating Histories

• Information Regarding the Disclosure of Credit Rating Histories Pursuant to Rule 17g-7(b)

Other Staff Guidance

• Egan-Jones Ratings (Mar. 30, 2020)
  • Incoming letter also available
• Japan Credit Rating Agency, Ltd. (May 23, 2007)
• Rating and Investment Information, Inc. (May 21, 2007)
• A.M. Best Company, Inc. (Mar. 3, 2005)
• Dominion Bond Rating Service Limited (Mar. 3, 2005)
  • Incoming letter also available