---
kind: "section"
citation: "15 U.S.C. § 78o–8"
title: "15"
title_heading: "Commerce and Trade"
number: "78o–8"
heading: "Universal ratings symbols"
release: "119-102"
date: "2026-07-12"
url: "https://uscodex.org/usc/15/78o-8"
units:
  - "Chapter 2B — Securities Exchanges"
---

# §78o–8. Universal ratings symbols

- (a) **Rulemaking—** The [Commission](/usc/15/78c.md?p=a-15) shall require, by rule, each [nationally recognized statistical rating organization](/usc/15/78c.md?p=a-62) to establish, maintain, and enforce written policies and procedures that—
  - (1) assess the probability that an [issuer](/usc/15/78c.md?p=a-8) of a [security](/usc/15/78c.md?p=a-10) or money market instrument will default, fail to make timely payments, or otherwise not make payments to investors in accordance with the terms of the [security](/usc/15/78c.md?p=a-10) or money market instrument;
  - (2) clearly define and disclose the meaning of any symbol used by the [nationally recognized statistical rating organization](/usc/15/78c.md?p=a-62) to denote a [credit rating](/usc/15/78c.md?p=a-60); and
  - (3) apply any symbol described in [paragraph (2)](#a-2) in a manner that is consistent for all types of [securities](/usc/15/78c.md?p=a-10) and money market instruments for which the symbol is used.
- (b) **Rule of construction—** Nothing in this section shall prohibit a [nationally recognized statistical rating organization](/usc/15/78c.md?p=a-62) from using distinct sets of symbols to denote [credit ratings](/usc/15/78c.md?p=a-60) for different types of [securities](/usc/15/78c.md?p=a-10) or money market instruments.

## Source credit

(Pub. L. 111–203, title IX, § 938, July 21, 2010, 124 Stat. 1885.)

## Notes

### Editorial Notes

### Codification

Section was enacted as part of the Investor Protection and Securities Reform Act of 2010 and also as part of the Dodd-Frank Wall Street Reform and Consumer Protection Act, and not as part of the Securities Exchange Act of 1934 which comprises this chapter.

### Statutory Notes and Related Subsidiaries

### Effective Date

Section effective 1 day after July 21, 2010, except as otherwise provided, see section 4 of Pub. L. 111–203, set out as a note under section 5301 of Title 12, Banks and Banking.

### Definitions

For definitions of terms used in this section, see section 5301 of Title 12, Banks and Banking.