# 2026-22521: SEC Gives Japan’s Credit Rater a Conditional Rules Exemption

2026-22521, Order Granting Conditional Exemption for Japan Credit Rating Agency, Ltd. From Certain Requirements of Section 15E(t) of the Securities Exchange Act of 1934, is a Federal Register notice from Securities and Exchange Commission published 2026-11-04, effective 2026-11-02; PRIA reads it as touching household money (as of 2026-11-04).

- Canonical: https://policyrisk.com/federal-register/2026-22521
- As of: 2026-11-04
- Plain-text twin of the page above; the HTML and this file carry the same facts.

## Facts
- Document number: 2026-22521
- Title: Order Granting Conditional Exemption for Japan Credit Rating Agency, Ltd. From Certain Requirements of Section 15E(t) of the Securities Exchange Act of 1934
- Type: Notice
- Agencies: Securities and Exchange Commission
- Citation: 91 FR 69614
- Published: 2026-11-04
- Effective: 2026-11-02
- Comments close: not stated
- Significant: no
- Touches household money: yes
- Regulation identifier numbers: none
- Last updated: 2026-11-04

## In one line

SEC Gives Japan’s Credit Rater a Conditional Rules Exemption

## Summary

The SEC is giving Japan Credit Rating Agency, Ltd. a special pass from some strict board rules that usually apply to rating agencies. This means they don’t have to follow certain independence and compensation rules for their board members right now. This conditional exemption helps them keep things running smoothly while they adjust, with no immediate money changes announced.

## Effects PRIA read

- SEC allows JCR to use supervisory committee: benefit, medium. On November 2, 2026, the SEC granted Japan Credit Rating Agency, Ltd. (JCR) a conditional exemption allowing JCR to satisfy the requirements of Exchange Act Section 15E(t)(2) and Section 15E(t)(3) through its supervisory committee instead of the NRSRO board of directors. The order continues relief…
- Exemption tied to specific governance conditions: benefit, medium. The exemption is conditional on at least 12 specific requirements, including that: at least half of the supervisory committee (but no fewer than two members) be independent; at least one independent member be a user of ratings; independent members serve no more than five years; independent members'…
- Ongoing SEC examinations and enforcement authority: cost, low. Commission staff will continue to examine JCR annually under Exchange Act Section 15E(p) to confirm satisfaction of the order's conditions; if conditions are not fulfilled to staff's satisfaction, staff may recommend Commission action and the Commission may modify, suspend, terminate, or otherwise…

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## Sources
- [2026-22521 on federalregister.gov](https://www.federalregister.gov/documents/2026/11/04/2026-22521/order-granting-conditional-exemption-for-japan-credit-rating-agency-ltd-from-certain-requirements-of)
- [2026-22521 as published (PDF)](https://www.govinfo.gov/content/pkg/FR-2026-11-04/pdf/2026-22521.pdf)

## Related
- [Previous: 2026-22520, Data Collection Available for Public Comments](https://policyrisk.com/federal-register/2026-22520)
- [Next: 2026-22522, Floor-Standing, Metal-Top Ironing Tables and Certain Parts Thereof From the Peo…](https://policyrisk.com/federal-register/2026-22522)
- [All Federal Register documents](https://policyrisk.com/federal-register)

Source: PRIA, https://policyrisk.com/federal-register/2026-22521 (as of 2026-11-04).