NRSRO Orders and Notices

The Commission orders and notices listed below relate to NRSROs and are organized by category, including the registration of NRSROs and classes of credit ratings and exemptions from and enforcement of the federal securities laws.

Current NRSROs - Registration Orders and Notices

• Order Granting Registration — Release No. 34-56507 (Sept. 24, 2007)
• Notice of Effectiveness of Class of Credit Ratings Withdrawal(s) (May 13, 2011)

• Order Granting Registration — Release No. 34-56508 (Sept. 24, 2007)

• Order Granting Registration — Release No. 34-57031 (Dec. 21, 2007)
• Order Granting Class of Credit Ratings Addition(s) — Release No. 34-59056 
  (Dec. 4, 2008)

• Order Granting Registration — Release No. 34-56509 (Sept. 24, 2007)

• Order Granting Registration — Release No. 34-68160 (Nov. 5, 2012)
• Order Granting Class of Credit Ratings Addition(s) – Release No. 34-79382 (Nov. 23, 2016)

• Order Granting Registration — Release No. 34-56510 (Sept. 24, 2007)
• Notice of Effectiveness of Class of Credit Ratings Withdrawal(s) (Dec. 2, 2010)

• Order Granting Registration — Release No. 34-57300 (Feb. 11, 2008)

• Order Granting Registration — Release No. 56511 (Sept. 24, 2007)

• Order Granting Registration — Release No. 34-56513 (Sept. 24, 2007)

Exemption Orders

• Order Granting Temporary Conditional Exemption of Certain 15E(t) Requirements — Release No. 34-75747 (Aug. 20, 2015)
• Order Granting Temporary Conditional Exemption of Certain 15E(t) Requirements – Release No. 34-83884 (Aug. 17, 2018) 
• Order Granting Temporary Conditional Exemption of Certain 15E(t) Requirements – Release No. 34-98590 (Sept. 28, 2023)

• Order Granting Temporary Exemption of LACE Financial Corp. from the Conflict of Interest Prohibition in Rule 17a-5(c)(1) – Release No. 34-57301 (Feb. 11, 2008)
• Order Granting Temporary Exemption from Rule 17g-5(c)(1) –
  Release No. 34-65339 (Sept. 14, 2011)
• Order Granting Temporary Exemption from Rule 17g-5(c)(1) –
  Release No. 34-71220 (Dec. 31, 2013)
• Order Granting Temporary, Limited, and Conditional Exemption from Rule 17g-5(c)(1) – Release No. 34-76129 (Oct. 13, 2015)

• Order Providing NRSROs a Temporary Exemption from the Requirement in Rule 17g-2(d) (Incorporating the Provisions of Rule 17g-2(a)(8)) – Release No. 34-60473 (Aug. 10, 2009)
• Order Granting Temporary Conditional Exemption for Nationally Recognized Statistical Rating Organizations from Requirements of Rule 17g-5 – Release No. 34-62120 (May 19, 2010)
• Order Extending Temporary Conditional Exemption for Nationally Recognized Statistical Rating Organizations from Requirements Of Rule 17g-5 – Release No. 34-63363 (Nov. 23, 2010)
• Order Extending Temporary Conditional Exemption for Nationally Recognized Statistical Rating Organizations From Requirements of Rule 17g-5 – Release No. 34-65765 (Nov. 16, 2011)
• Order Extending Temporary Conditional Exemption for Nationally Recognized Statistical Rating Organizations from Requirements Of Rule 17g-5 – Release No. 34-68286 (Nov. 26, 2012)
• Order Extending Temporary Conditional Exemption for Nationally Recognized Statistical Rating Organizations from Requirements Of Rule 17g-5 – Release No. 34-73649 (Nov. 19, 2014)
• Order Extending Temporary Conditional Exemption for Nationally Recognized Statistical Rating Organizations from Requirements of Rule 17g-5(a)(3) – Release No. 34-76183 (Oct. 16, 2015)
• Order Extending Conditional Temporary Exemption for Nationally Recognized Statistical Rating Organizations from Requirements of Rule 17g-5(a)(3) – Release No. 34-82144 (Nov. 22, 2017)
• Order Granting an Extension of Time to File Audited Financial Statements of DBRS Ratings Limited in Accordance With Exchange Act Rule 17g-3(a)(1) – Release 34-82787 (Feb. 27, 2018)

Administrative Proceeding Orders

A.M. Best Rating Services, Inc. 

• In the Matter of A.M. Best Rating Services, Inc. – Release No. 34-100902 (Sept. 3, 2024)

DBRS, Inc.

• In the Matter of DBRS, Inc. – Release No. 34-76261 (Oct. 26, 2015)
• In the Matter of DBRS, Inc. – Release No. 34-92952 (Sept. 13, 2021)
• In the Matter of DBRS, Inc. – Release No. 34-98636 (Sept. 29, 2023)
• In the Matter of DBRS, Inc. – Release No. 34-98638 (Sept. 29, 2023)

Demotech, Inc.

• In the Matter of Demotech, Inc. – Release No. 34-100905 (Sept. 3, 2024)

Egan-Jones Ratings Co.

• In the Matter of Egan-Jones Ratings Company and Sean Egan – Release No. 34-66854 (Apr. 24, 2012)
• In the Matter of Egan-Jones Ratings Company and Sean Egan – Release No. 34-68703 (Jan. 22, 2013)
• In the Matter of Egan-Jones Ratings Company – Release No. 34-83610 (July 9, 2018)
• In the Matter of Egan-Jones Ratings Company – Release No. 34-84530 (Nov. 2, 2018)
• In the Matter of Egan-Jones Rating Company and Sean Egan – Release No. 34-95127 (June 21, 2022)

Fitch Ratings, Inc.

• In the Matter of Fitch Ratings, Inc. – Release No. 34-100903 (Sept. 3, 2024)

HR Ratings de México, S.A. de C.V.

• In the Matter of HR Ratings de México, S.A. de C.V. – Release No. 34-100904 (Sept. 3, 2024)

Kroll Bond Rating Agency, Inc. (formerly known as Lace Financial Corp.)

• In the Matter of LACE Financial Corp. and Barron Putnam – Release No. 34-62834
  (Sept. 2, 2010)
• In the Matter of Damyon Mouzon – Release No. 34-62835 (Sept. 2, 2010)
• In the Matter of Damyon Mouzon – Release No. 34-63280 (Nov. 9, 2010)
• In the Matter of Kroll Bond Rating Agency, LLC – Release No. 34-90036 (Sept. 29, 2020)
• In the Matter of Kroll Bond Rating Agency, LLC – Release No. 34-90037 (Sept. 29, 2020)
• In the Matter of Kroll Bond Rating Agency, LLC – Release No. 34-98654 (Sept. 29, 2023)

• In the Matter of Moody's Investors Service, Inc. – Release No. 34-83965 (Aug. 28, 2018)
• In the Matter of Moody's Investors Service, Inc. – Release No. 34-83966 (Aug. 28, 2018)
• In the Matter of Moody's Investors Service, Inc. – Release No. 34-100906 (Sept. 3, 2024)

• In the Matter of Standard & Poor's Ratings Services – Release No. 34-74103 
  (Jan. 21, 2015)
• In the Matter of Standard & Poor's Ratings Services – Release No. 33-9705 (Jan. 21, 2015)
• In the Matter of Standard & Poor’s Ratings Services – Release No. 33-9704 
  (Jan. 21, 2015)
• In the Matter of Francis Parisi – Release No. 33-10050 (Mar. 7, 2016)
• In the Matter of Barbara Duka – Release No. 34-84923 (Dec. 21, 2018)
• In the Matter of S&P Global Ratings – Release No. 34-96308 (Nov. 14, 2022)
• In the Matter of S&P Global Ratings – Release No. 34-100907 (Sept. 3, 2024) 

Previously Registered NRSROs - Orders and Notices 

• Order Granting Registration — Release No. 34-56512 (Sept. 24, 2007)
• Notice of Effectiveness of Class of Credit Ratings Withdrawal(s) (June 29, 2010)
• Notice of Effectiveness of Registration Withdrawal (Nov. 28, 2011)