Capital Requirements for Brokers or Dealers Under the Securities Exchange Act of 1934

The Securities and Exchange Commission ("Commission') is proposing for comment amendments to Rule 15c3-1 under the Securities Exchange Act of 1934. The proposed amendments would define the term "nationally recognized statistical rating organization' ("NRSRO'). The proposed definition sets forth a list of attributes to be considered by the Commission in designating rating organizations as NRSROs and the process for applying for NRSRO designation.