On November 23rd, the SEC extended to December 2, 2011, its conditional exemption providing that nationally recognized statistical rating organizations are not required to comply with Securities and Exchange Act Rule 17g-5(a)(3) with respect to credit ratings, 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 outside the U.S. SEC Release No. 34-63363.