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The Franken Amendment requires the SEC to carry out a study of: 

  1. the credit rating process for structured finance products and the conflicts of interest associated with the issuer-pay and subscriber-pay models; and
  2. the feasibility of establishing a system in which a public utility or a self-regulatory organization assigns NRSROs to determine the credit ratings of structured finance products.

Unless the SEC “determines an alternative system would better serve the public interest and protection of investors,” the SEC is required to implement the proposed public utility/self-regulatory organization system.

On December 18, 2012, the SEC submitted a report on the finding of its study to Congress.  The key recommendation in the report is that the SEC convene a roundtable to discuss the study and its findings. That roundtable occurred on May 14, 2013.

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