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SEC 2903 (09/14)

U.S. SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Supplemental Information for Persons Requested to Supply Information

Voluntarily to the Office of Credit Ratings’ Monitoring Staff

A. Introduction

This document is being provided to you because the monitoring staff of the Commission’s Office of Credit Ratings (“OCR”) has 

requested that you voluntarily supply information. For your reference, this SEC Form 2903 describes the principal and routine 

purposes for which this information may be used, the authority for requesting the information, the effects of not supplying the 

information and of supplying false information, and how to request confidential treatment for the information supplied. 

OCR supports the Commission’s mission to protect investors, facilitate capital formation, and maintain fair, orderly and 

efficient markets. OCR is charged with administering the rules of the Commission with respect to the practices of nationally 

recognized statistical rating organizations (“NRSROs”) in (a) determining credit ratings for the protection of users of credit 

ratings and in the public interest, (b) promoting accuracy in credit ratings issued by NRSROs and, (c) working to ensure that 

credit ratings are not unduly influenced by conflicts of interest and that NRSROs provide greater transparency and disclosure

to investors. 

Furthermore, OCR is responsible for oversight of credit rating agencies registered with the Commission as NRSROs. In 

support of this mission, among other things OCR monitors the activities of NRSROs and the credit rating agency industry 

generally, and conducts examinations of NRSROs to assess and promote compliance with statutory and Commission 

requirements.

B. Authority for Solicitation of the Information

One or more of the following provisions authorizes the Commission to solicit the information requested: Sections 15E, 17(a) 

and (b), and 21 of the Securities Exchange Act of 1934 and the rules thereunder. Disclosure of the information requested to the

OCR monitoring or other staff is voluntary on your part.

C. Effect of Not Supplying Information

There are no direct sanctions and thus no direct effects for failure to supply all or any part of the information requested to be

supplied on a voluntary basis.

Providing the information requested, however, assists in fulfilling the regulatory goals of the Commission and OCR, as well as

those underlying the federal securities laws.

D. False Statements and Documents

Section 1001 of Title 18 of the United States Code provides as follows:

[W]hoever, in any matter within the jurisdiction of the executive, legislative, or judicial branch of the

Government of the United States knowingly and willfully—

(1) falsifies, conceals, or covers up by any trick, scheme, or device a material fact; 

(2) makes any materially false, fictitious or fraudulent statement or representation; or

(3) makes or uses any false writing or document knowing the same to contain any

materially false, fictitious or fraudulent statement or entry, shall be fined under this title, 

imprisoned not more than five years, ..., or both.

E. Principal Uses of Information

OCR’s principal purposes in requesting the information are:

1. Informing Commission policy and rulemaking, as well as other regulatory functions, and fulfilling legal and regulatory 

responsibilities. 

2. Assessing individual NRSRO developments, as well as industry developments and regulatory trends.

3. Identifying and assessing regulatory and other risks. 

Unless the Commission or the OCR Director or their respective designees explicitly agree to the contrary in writing, you
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SEC 2903 (09/14)

should not assume that the Commission or its staff acquiesces in, accedes to, or concurs or agrees with, any position, 

condition, request, reservation of right, understanding, or any other statement that purports, or may be deemed, to be or to 

reflect a limitation upon the Commission’s receipt, use, disposition, transfer, or retention, in accordance with applicable law,

of information supplied.

F. Routine Uses of Information

The Commission often makes its files available to other governmental agencies, particularly United States Attorneys and state 

prosecutors. There is a likelihood that information supplied by you will be made available to such agencies where appropriate.

Whether or not the Commission makes its files available to other governmental agencies is, in general, a confidential matter 

between the Commission and such other governmental agencies.

Set forth below is a list of other routine uses which may be made of the information supplied.

1. To appropriate agencies, entities, and persons when (a) it is suspected or confirmed that the security or confidentiality of 

information in the system of records has been compromised; (b) the SEC has determined that, as a result of the suspected or

confirmed compromise, there is a risk of harm to economic or property interests, identity theft or fraud, or harm to the security 

or integrity of this system or other systems or programs (whether maintained by the SEC or another agency or entity) that 

rely upon the compromised information; and (c) the disclosure made to such agencies, entities, and persons is reasonably

necessary to assist in connection with the SEC’s efforts to respond to the suspected or confirmed compromise and prevent,

minimize, or remedy such harm.

2. To other federal, state, local, or foreign law enforcement agencies; securities self-regulatory organizations; and foreign

financial regulatory authorities to assist in or coordinate regulatory or law enforcement activities with the SEC.

3. To national securities exchanges and national securities associations that are registered with the SEC; the Municipal

Securities Rulemaking Board; the Securities Investor Protection Corporation; the Public Company Accounting Oversight

Board; the federal banking authorities, including, but not limited to, the Board of Governors of the Federal Reserve System,

the Comptroller of the Currency, and the Federal Deposit Insurance Corporation; state securities regulatory agencies

or organizations; or regulatory authorities of a foreign government in connection with their regulatory or enforcement

responsibilities.

4. By SEC personnel for purposes of investigating possible violations of, or to conduct investigations authorized by, the federal

securities laws.

5. In any proceeding where the federal securities laws are in issue or in which the Commission, or past or present members of

its staff, is a party or otherwise involved in an official capacity.

6. In connection with proceedings by the Commission pursuant to Rule 102(e) of its Rules of Practice, 17 CFR 201.102(e).

7. To a bar association, state accountancy board, or other federal, state, local, or foreign licensing or oversight authority;

or professional association or self-regulatory authority to the extent that it performs similar functions (including the Public

Company Accounting Oversight Board) for investigations or possible disciplinary action.

8. To a federal, state, local, tribal, foreign, or international agency, if necessary to obtain information relevant to the SEC’s

decision concerning the hiring or retention of an employee; the issuance of a security clearance; the letting of a contract; or the

issuance of a license, grant, or other benefit.

9. To a federal, state, local, tribal, foreign, or international agency in response to its request for information concerning the

hiring or retention of an employee; the issuance of a security clearance; the reporting of an investigation of an employee;

the letting of a contract; or the issuance of a license, grant, or other benefit by the requesting agency, to the extent that the

information is relevant and necessary to the requesting agency’s decision on the matter.

10. To produce summary descriptive statistics and analytical studies, as a data source for management information, in

support of the function for which the records are collected and maintained or for related personnel management functions or

manpower studies; may also be used to respond to general requests for statistical information (without personal identification 

of individuals) under the Freedom of Information Act.

11. To any trustee, receiver, master, special counsel, or other individual or entity that is appointed by a court of competent

jurisdiction, or as a result of an agreement between the parties in connection with litigation or administrative proceedings

involving allegations of violations of the federal securities laws (as defined in section 3(a)(47) of the Securities Exchange Act

of 1934, 15 U.S.C. 78c(a)(47)) or pursuant to the Commission’s Rules of Practice, 17 CFR 201.100 – 900 or the Commission’s

Rules of Fair Fund and Disgorgement Plans, 17 CFR 201.1100-1106, or otherwise, where such trustee, receiver, master,

special counsel, or other individual or entity is specifically designated to perform particular functions with respect to, or as a 

result of, the pending action or proceeding or in connection with the administration and enforcement by the Commission of the

federal securities laws or the Commission’s Rules of Practice or the Rules of Fair Fund and Disgorgement Plans.
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SEC 2903 (09/14)

12. To any persons during the course of any inquiry, examination, or investigation conducted by the SEC’s staff, or in

connection with civil litigation, if the staff has reason to believe that the person to whom the record is disclosed may have

further information about the matters related therein, and those matters appeared to be relevant at the time to the subject

matter of the inquiry.

13. To interns, grantees, experts, contractors, and others who have been engaged by the Commission to assist in the

performance of a service related to this system of records and who need access to the records for the purpose of assisting

the Commission in the efficient administration of its programs, including by performing clerical, stenographic, or data analysis 

functions, or by reproduction of records by electronic or other means. Recipients of these records shall be required to comply

with the requirements of the Privacy Act of 1974, as amended, 5 U.S.C. 552a.

14. In reports published by the Commission pursuant to authority granted in the federal securities laws (as such term is

defined in section 3(a)(47) of the Securities Exchange Act of 1934, 15 U.S.C. 78c(a)(47)), which authority shall include, but not 

be limited to, section 21(a) of the Securities Exchange Act of 1934, 15 U.S.C. 78u(a).

15. To members of advisory committees that are created by the Commission or by Congress to render advice and

recommendations to the Commission or to Congress, to be used solely in connection with their official designated functions.

16. To any person who is or has agreed to be subject to the Commission’s Rules of Conduct, 17 CFR 200.735-1 to 200.735-

18, and who assists in the investigation by the Commission of possible violations of the federal securities laws (as such term

is defined in section 3(a)(47) of the Securities Exchange Act of 1934, 15 U.S.C. 78c(a)(47)), in the preparation or conduct

of enforcement actions brought by the Commission for such violations, or otherwise in connection with the Commission’s

enforcement or regulatory functions under the federal securities laws.

17. To a Congressional office from the record of an individual in response to an inquiry from the Congressional office made at 

the request of that individual.

18. To members of Congress, the press, and the public in response to inquiries relating to particular Registrants and their

activities, and other matters under the Commission’s jurisdiction.

19. To prepare and publish information relating to violations of the federal securities laws as provided in 15 U.S.C. 78c(a)(47),

as amended.

20. To respond to subpoenas in any litigation or other proceeding. 

21. To a trustee in bankruptcy.

22. To any governmental agency, governmental or private collection agent, consumer reporting agency or commercial

reporting agency, governmental or private employer of a debtor, or any other person, for collection, including collection by

administrative offset, federal salary offset, tax refund offset, or administrative wage garnishment, of amounts owed as a result

of Commission civil or administrative proceedings.

G. Freedom of Information Act

The Freedom of Information Act, 5 U.S.C. 552 (the “FOIA”), generally provides for disclosure of information to the public. Rule

83 of the Commission’s Rules on Information and Requests, 17 CFR 200.83, provides a procedure by which a person can

make a written request that information submitted to the Commission not be disclosed under the FOIA. That rule states that

no determination as to the validity of such a request will be made until a request for disclosure of the information under the

FOIA is received. Accordingly, no response to a request that information not be disclosed under the FOIA is necessary or will

be given until a request for disclosure under the FOIA is received. If you desire an acknowledgement of receipt of your written

request that information not be disclosed under the FOIA, please provide a duplicate request, together with a stamped, selfaddressed envelope.

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Small Business Owners: The SEC always welcomes comments on how it can better assist small businesses. If you have

comments about a voluntary request for information you received from OCR’s monitoring staff, please contact the Office of 

Small Business Policy, in the Division of Corporation Finance, at 202-551-3460. If you would prefer to comment to

someone outside of the SEC, you can contact the Small Business Regulatory Enforcement Ombudsman at 

http://www.sba.gov/ombudsman or toll free at 888-REG-FAIR. The Ombudsman’s office receives comments from small 

businesses and annually evaluates federal agency enforcement activities for their responsiveness to the special needs of

small business.