Capital Requirements for Brokers or Dealers Under the Securities Exchange Act of 1934

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The Securities and Exchange Commission (``Commission'') is proposing for comment amendments to Rule 15c3-1 under the Securities Exchange Act of 1934. The proposed amendments would define the term ``nationally recognized statistical rating organization'' (``NRSRO''). The proposed definition sets forth a list of attributes to be considered by the Commission in designating rating organizations as NRSROs and the process for applying for NRSRO designation.