On May 19th, the SEC issued an order that would exempt on a conditional basis, nationally recognized statistical rating organizations (NRSROs) from Rule 17g-5(a)(3) until December 2, 2010, with respect to structured finance products where the issuer of the structured finance product is a non-U.S. person; and the NRSRO has a reasonable basis to conclude that the structured finance product will be offered and sold upon issuance, and that any arranger linked to the structured finance product will effect transactions of the structured finance product after issuance, only in transactions that are outside of the U.S. SEC Release No. 34-62120.