The Securities and Exchange Commission ("SEC") has issued its report on the reliance on credit ratings, as required by Section 939A(c) of The Dodd-Frank Wall Street Reform and Consumer Protection Act 2010 (“Dodd-Frank”). Section 939A of Dodd-Frank requires each Federal agency to review any regulation issued by it that requires the use of an assessment of credit-worthiness of a security or money market instrument and any references to or requirements in such regulations regarding credit ratings. Each agency is required to modify regulations identified by the review conducted to remove any reference to or requirement of reliance on credit ratings and to substitute in such regulations such standard of credit-worthiness as each respective agency shall determine as appropriate for such regulations. Upon conclusion of the review each Federal agency is required to submit a report to Congress containing a description of any modification of any regulation. This report details modifications made by the SEC.