The Securities and Exchange Commission ("Commission") is adopting amendments to rules for nationally recognized statistical rating organizations ("NRSROs") under the Securities Exchange Act of 1934 ("Exchange Act"). The amendments provide an exemption from a rule for NRSROs with respect to credit ratings if the issuer of the security or money market instrument referred to in the rule is not a U.S. person, and the NRSRO has a reasonable basis to conclude that all offers and sales of such security or money market instrument by any issuer, sponsor, or underwriter linked to such security or money market instrument will occur outside the United States. In addition, the amendments make conforming changes to similar exemptions in two other Exchange Act rules and technical corrections with respect to one of these rules.