Removal of Certain References to Credit Ratings Under the Securities Exchange Act of 1934

The Securities and Exchange Commission (the "Commission') is adopting amendments that remove references to credit ratings in certain rules and one form under the Securities Exchange Act of 1934 (the "Exchange Act') relating to broker-dealer financial responsibility and confirmations of securities transactions. This action implements a provision of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the "Dodd-Frank Act').