On May 16th, the SEC announced it has updated its public website to enable credit raters to submit reports about certain employment transitions and for such reports to be made public as required by the Dodd-Frank Act. Credit raters are required to report to the SEC when they know (or can reasonably be expected to know) of a person who was associated with the credit rater within the past five years who obtains employment with any obligor, issuer, underwriter, or sponsor of a security or money market instrument, for which the credit rater issued a credit rating during the past 12 months prior to such new employment (a "covered company"). This "employment transition" reporting obligation applies when a covered company hires an individual who was a senior officer of the credit rater; participated in any capacity in determining credit ratings for a covered company; or supervised an employee that participated in any capacity in determining credit ratings for a covered company. The Commission will make this information available on the Commission's web page for NRSRO related matters.