Bill > HR3959

This bill seeks to exempt fixed-income securities from specific regulatory requirements under Rule 15c2-11, which governs over-the-counter (OTC) market quotations. The legislation, titled the "Protecting Private Job Creators Act," provides a comprehensive exemption for fixed-income securities, which are defined as notes, bonds, debentures, certificates of deposit, asset-backed securities, and other debt instruments, including those convertible to equity securities. The bill's findings highlight that the Securities and Exchange Commission (SEC) has already taken steps to provide relief for these securities, recognizing that fixed-income markets differ structurally from equity markets and that existing regulations could impede businesses' ability to raise capital. The legislation codifies the SEC's previous no-action letters and exemptive relief, effectively ensuring that broker-dealers can continue to publish quotations for fixed-income securities without being subject to the detailed disclosure requirements originally designed for OTC equity markets. By doing so, the bill aims to reduce regulatory burden and maintain the efficiency of fixed-income market operations while still preserving investor protections.

Business and Industry

https://www.congress.gov/bill/119th-congress/house-bill/3959/all-info