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The Text of the Dodd-Frank Act
International Association of
Risk and Compliance Professionals (IARCP)
Dodd Frank Act Section 934
SEC. 934. REFERRING TIPS TO LAW ENFORCEMENT
OR REGULATORY AUTHORITIES.
Section 15E of the
Securities Exchange Act of 1934 (15 U.S.C. 78o–7), as amended by
this subtitle, is amended by adding at the end the following:
‘‘(u) DUTY TO REPORT TIPS ALLEGING
MATERIAL VIOLATIONS OF LAW.—
‘‘(1) DUTY TO REPORT.—Each
nationally recognized statistical rating organization shall refer
to the appropriate law enforcement or regulatory authorities any
information that the nationally recognized statistical rating
organization receives from a third party and finds credible that
alleges that an issuer of securities rated by the nationally
recognized statistical rating organization has committed or is
committing a material violation of law that has not been
adjudicated by a Federal or State court.
‘‘(2)
RULE OF CONSTRUCTION.—Nothing in
paragraph (1) may be construed to require a nationally recognized
statistical rating organization to verify the accuracy of the
information described in paragraph (1).’’
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