Securities and Exchange Commission April 25, 2005 – Federal Register Recent Federal Regulation Documents

The Commission is publishing for comment a proposed new rule under the Securities Exchange Act of 1934 (``Exchange Act''), which would define the term ``nationally recognized statistical rating organization'' (``NRSRO''). The proposed definition contains three components that must each be met in order for a credit rating agency to be an NRSRO. The Commission is also providing interpretations of the proposed definition of the term ``NRSRO.'' Defining the term ``NRSRO'' and providing interpretations of the definition would increase transparency with regard to the NRSRO concept.