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Effective Jan 1, 2015Amended by Stats. 2014, Ch. 499, Sec. 11. (AB 2209) Effective January 1, 2015.
(a) The commissioner may by regulation or order declare a credit rating agency to be an eligible securities rating service if the commissioner finds the following with respect to the securities rating service:
- (1) It has been continuously engaged in the business of rating securities for a period of not less than three years.
- (2) It is competent to rate securities and is nationally recognized for rating securities in a competent manner.
- (3) It publishes its ratings of securities on a nationwide basis.
- (b) With respect to this division “eligible securities rating service” means any credit rating agency that the commissioner by regulation or order declared to be an eligible securities ratings service.