In this section, the term “structured finance product” means an asset-backed security, as defined in section 3(a)(77)  of the Securities Exchange Act of 1934 [15 U.S.C. 78c(a)(79)], as added by section 941, and any structured product based on an asset-backed security, as determined by the Commission, by rule.
After submission of the report under subsection (c), the Commission shall, by rule, as the Commission determines is necessary or appropriate in the public interest or for the protection of investors, establish a system for the assignment of nationally recognized statistical rating organizations to determine the initial credit ratings of structured finance products, in a manner that prevents the issuer, sponsor, or underwriter of the structured finance product from selecting the nationally recognized statistical rating organization that will determine the initial credit ratings and monitor such credit ratings. In issuing any rule under this paragraph, the Commission shall give thorough consideration to the provisions of section 15E(w) of the Securities Exchange Act of 1934, as that provision would have been added by section 939D of H.R. 4173 (111th Congress), as passed by the Senate on May 20, 2010, and shall implement the system described in such section 939D unless the Commission determines that an alternative system would better serve the public interest and the protection of investors.
Nothing in this subsection may be construed to limit or suspend any other rulemaking authority of the Commission.