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On August 27, 2014, the SEC adopted new rules for credit rating agencies implementing 14 rulemaking requirements under the Dodd-Frank Wall Street Reform and Consumer Protection Act (“Dodd-Frank”). The new rules are designed to enhance governance, protect against conflicts of interest and increase transparency. The new rules apply to credit rating agencies registered with the SEC as “nationally recognized statistical rating organizations,” or NRSROs. Certain of the new rules applicable to NRSROs will take effect 60 days after publication in the Federal Register, while certain others will take effect nine months after publication in the Federal Register, the latter of which are delayed to provide time for NRSROs, issuers, underwriters and other affected parties to prepare for the changes resulting from the new requirements.