The SEC granted an exemption to a Japanese credit rating agency until August 20, 2021 from the requirement that at least half of the board of directors of the nationally recognized statistical rating organization be independent pursuant to Exchange Act Section 15E(t).
According to the Order granting the temporary conditional exemption, Japan Credit Rating Agency, Ltd. represented to the SEC that Japanese law mandates that (i) all Japanese credit rating agencies must adopt control systems for guaranteeing the "fair and appropriate performance" of their credit rating business and (ii) at least one-third of the supervisory committee members must be "independent members."
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