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<h1>Refusal to grant registration requires a credit rating agency to cease rating activity, with limited completion and record-transfer safeguards.</h1> On refusal of permanent registration, a credit rating agency must cease to undertake any credit rating activity; the Board must communicate its decision and grounds within thirty days; the Board may permit completion of existing rating assignments in the interest of investors and may direct transfer of records or appoint a person to take charge of such records on specified terms.