Open Meeting Agenda
Thursday, September 17, 2009

Agenda as of September 15, 2009. Note that Open Meeting agendas are subject to last-minute changes.

Nationally Recognized Statistical Rating Organizations ("NRSROs")

A. Amendments and Proposed Rules for NRSROs

The Commission will consider whether to adopt rules and propose other rules that impose additional disclosure and conflict of interest requirements on NRSROs in order to address concerns about the integrity of the credit rating procedures and methodologies.

For further information, please contact Randall W. Roy, at (202) 551-5522.

B. References to NRSROs in Commission Rules and Forms

The Commission will consider whether to eliminate references to credit ratings by NRSROs from certain rules and forms, and whether to re-open the comment period to solicit further comment on elimination of additional NRSRO references.

For further information, please contact Michael Gaw (202) 551-5602 (adoption), Marlon Q. Paz, (202) 551-5756 (re opening of comment period), Daniel K. Chang (202) 551-6792 or Felicia Kung (202) 551-3430.

C. Credit Ratings and Rating Shopping Disclosure

The Commission will consider whether to propose amendments to Regulation S-K, and rules and forms under the Securities Act of 1933 ("Securities Act"), the Securities Exchange Act of 1934 ("Exchange Act") and the Investment Company Act of 1940 ("Investment Company Act") to require disclosure regarding credit ratings that a registrant uses in connection with a registered offering.

For further information, please contact Blair F. Petrillo at (202) 551-3430, or with respect to questions regarding investment companies, Devin F. Sullivan at (202) 551-6784.

D. Rule 436(g)

The Commission will consider whether to issue a concept release and solicit comment on whether the Commission should propose to rescind Rule 436(g) under the Securities Act, in light of the disclosure regarding credit ratings being proposed in a companion release (see C above).

For further information, please contact Blair F. Petrillo at (202) 551-3430.

2. Flash Orders: Proposed Amendment to Rule 602 of Regulation NMS

The Commission will consider a recommendation to propose an amendment to Rule 602 of Regulation NMS under the Exchange Act that would eliminate an exception for the use of flash orders, as well as other related issues. If adopted, the proposals would prohibit the practice of displaying marketable flash orders.

For further information, please contact Theodore S. Venuti at (202) 551-5658.