; or (B) the applicant requests an opportunity for hearing, pursuant to paragraph (4)(B), but the Commission does not commence such hearing within the time period required under paragraph (4)(B). (6) Rulemaking Not later than 180 days after the date of enactment of this paragraph, the Commission shall issue rules to carry out this subsection. . 849. Restriction on recovery of erroneously awarded compensation Section 10D(b)(2) of the Securities Exchange Act of 1934 ( 15 U.S.C. 78j–4(b)(2) ) is amended by inserting before the period the following: , where such executive officer had control or authority over the financial reporting that resulted in the accounting restatement . 850. Exemptive authority for certain provisions relating to registration of nationally recognized statistical rating organizations Section 15E of the Securities Exchange Act of 1934 ( 15 U.S.C. 78o–7 ) is amended by adding at the end the following: (w) Commission exemptive authority The Commission, by rules and regulations upon its own motion, or by order upon application, may conditionally or unconditionally exempt any person from any provision or provisions of this title or of any rule or regulation thereunder, if and to the extent it determines that such rule, regulation, or requirement is creating a barrier to entry into the market for nationally recognized statistical rating organizations or impeding competition among such organizations, or that such an exemption is necessary or appropriate in the public interest and is consistent with the protection of investors. . 851. Risk-based examinations of Nationally Recognized Statistical Rating Organizations Section 15E(p)(3) of the Securities Exchange Act of 1934 ( 15 U.S.C. 78o–7(p)(3) ) is amended— (1) in subparagraph (A)— (A) in the heading, by striking Annual and inserting Risk-based ; (B) by striking an examination and inserting examinations ; and (C) by striking at least annually