Federal Register / Vol. 75, No. 228 / Monday, November 29, 2010 / Notices 73139 

Nov. 12, 2010 (‘‘SFJ Letter’’); Letter from Rick 

Watson, Managing Director, Association for 

Financial Markets in Europe/European 

Securitisation Forum, to Elizabeth Murphy, 

Secretary, Commission, dated Nov. 11, 2010 

(‘‘AFME Letter’’); Letter from Jack Rando, Director, 

Capital Markets, Investment Industry Association of 

Canada, to Randall Roy, Assistant Director, 

Division, Commission, dated Sep. 22, 2010 (‘‘IIAC 

Letter’’); Letter from Christopher Dalton, Chief 

Executive Officer, Australian Securitisation Forum, 

to Randall Roy, Assistant Director, Division, 

Commission, dated Jun. 27, 2010 (‘‘AuSF Letter’’); 

Letter from Takefumi Emori, Managing Director, 

Japan Credit Rating Agency, Ltd. (‘‘JCR’’) to 

Elizabeth Murphy, Secretary, Commission, dated 

Jun. 25, 2010 (‘‘JCR Letter’’). 

23See Japan FSA Letter; SFJ Letter; AFME Letter; 

JCR Letter, AuSF Letter. 

24See AFME Letter; JCR Letter; AuSF Letter. 

25See Japan FSA Letter; AFME Letter; JCR Letter; 

AuSF Letter; IIAC Letter. With respect to local laws, 

we note that the European Commission in recent 

months has issued a relevant proposal for 

amendments to the European Union Regulation on 

Credit Ratings. See ‘‘Regulation of the European 

Parliament and of the Counsel on amending 

Regulation (EC) No 1060/2009 on credit rating 

agencies’’ (available at http://ec.europa.eu/ 

internal_market/securities/docs/agencies/ 

100602_proposal_en.pdf). 

26See Japan FSA Letter; SFJ Letter; AFME Letter; 

JCR Letter. 

to express concern that the 

extraterritorial application of Rule 17g– 

5(a)(3) could, in the commenter’s view, 

among other things, disrupt local 

securitization markets,23 inhibit the 

ability of local firms to raise capital,24

and conflict with local laws.25 Several 

commenters also requested that the 

conditional temporary exemption be 

extended or made permanent.26 Given 

the continued concerns about potential 

disruptions of local securitization 

markets, and because the Commission’s 

consideration of the issues raised will 

benefit from additional time to engage 

in further dialogue with interested 

parties and to monitor market and 

regulatory developments, the 

Commission believes extending the 

conditional temporary exemption until 

December 2, 2011 is necessary or 

appropriate in the public interest, and is 

consistent with the protection of 

investors. 

IV. Request for Comment 

The Commission believes that it 

would be useful to continue to provide 

interested parties opportunity to 

comment. Comments may be submitted 

by any of the following methods: 

Electronic Comments 

• Use the Commission’s Internet 

comment form (http://www.sec.gov/ 

rules/exorders.shtml); or 

• Send an e-mail to rulecomments@sec.gov. Please include File 

Number S7–04–09 on the subject line; 

or 

• Use the Federal eRulemaking Portal 

(http://www.regulations.gov). Follow the 

instructions for submitting comments. 

Paper Comments 

• Send paper comments in triplicate 

to Elizabeth M. Murphy, Secretary, 

Securities and Exchange Commission, 

100 F St., NE., Washington, DC 20549– 

1090. 

All submissions should refer to File 

Number S7–04–09. This file number 

should be included on the subject line 

if e-mail is used. To help us process and 

review your comments more efficiently, 

please use only one method. The 

Commission will post all comments on 

the Commission’s Internet website 

(http://www.sec.gov/rules/ 

exorders.shtml). Comments are also 

available for website viewing and 

printing in the Commission’s Public 

Reference Room, 100 F St. NE., 

Washington, DC 20549 on official 

business days between the hours of 10 

a.m. and 3 p.m. All comments received 

will be posted without change; the 

Commission does not edit personal 

identifying information from 

submissions. You should submit only 

information that you wish to make 

available publicly. 

V. Conclusion 

For the foregoing reasons, the 

Commission believes it would be 

necessary or appropriate in the public 

interest and consistent with the 

protection of investors to extend the 

conditional temporary exemption 

exempting NRSROs from complying 

with Rule 17g–5(a)(3) with respect to 

rating covered transactions until 

December 2, 2011. 

Accordingly 

It is hereby ordered, pursuant to 

Section 36 of the Exchange Act, that a 

nationally recognized statistical rating 

organization is exempt until December 

2, 2011 from the requirements in Rule 

17g–5(a)(3) (17 CFR 240.17g–5(a)(3)) for 

credit ratings where: 

(1) The issuer of the security or 

money market instrument is not a U.S. 

person (as defined under Securities Act 

Rule 902(k)); and 

(2) The nationally recognized 

statistical rating organization has a 

reasonable basis to conclude that the 

structured finance product will be 

offered and sold upon issuance, and that 

any arranger linked to the structured 

finance product will effect transactions 

of the structured finance product after 

issuance, only in transactions that occur 

outside the U.S. 

By the Commission. 

Elizabeth M. Murphy, 

Secretary. 

[FR Doc. 2010–29929 Filed 11–26–10; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

Sunshine Act Meeting 

Notice is hereby given, pursuant to 

the provisions of the Government in the 

Sunshine Act, Public Law 94–409, that 

the Securities and Exchange 

Commission will hold a Closed Meeting 

on Thursday, December 2, 2010 at 2 

p.m. 

Commissioners, Counsel to the 

Commissioners, the Secretary to the 

Commission, and recording secretaries 

will attend the Closed Meeting. Certain 

staff members who have an interest in 

the matters also may be present. 

The General Counsel of the 

Commission, or his designee, has 

certified that, in his opinion, one or 

more of the exemptions set forth in 5 

U.S.C. 552b(c)(3), (5), (7), 9(B) and (10) 

and 17 CFR 200.402(a)(3), (5), (7), 9(ii) 

and (10), permit consideration of the 

scheduled matters at the Closed 

Meeting. 

Commissioner Casey, as duty officer, 

voted to consider the items listed for the 

Closed Meeting in a closed session. 

The subject matter of the Closed 

Meeting scheduled for Thursday, 

December 2, 2010 will be: 

Institution and settlement of 

injunctive actions; 

Institution and settlement of 

administrative proceedings; 

An adjudicatory matter; and 

Other matters relating to enforcement 

proceedings. 

At times, changes in Commission 

priorities require alterations in the 

scheduling of meeting items. 

For further information and to 

ascertain what, if any, matters have been 

added, deleted or postponed, please 

contact: 

The Office of the Secretary at (202) 

551–5400. 

Dated: November 24, 2010. 

Elizabeth M. Murphy, 

Secretary. 

[FR Doc. 2010–30055 Filed 11–24–10; 11:15 am] 

BILLING CODE 8011–01–P 

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