Capital Markets & Securities Law Watch

On October 30, 2023, the Securities Exchange Commission (the SEC) issued an exemptive order that permanently exempts brokers and dealers from the public information requirements of Rule 15c2-11 with respect to making quotations in Rule 144A fixed-income securities.

On November 30, 2022, the SEC issued a no-action letter to FINRA providing relief for brokers and dealers until January 4, 2025 from the application of Rule 15c2-11 under the Securities Exchange Act of 1934 to fixed income securities, including those issued in Rule 144A transactions. The no-action letter was issued in response to requests from industry participants and related organizations for relief from the SEC’s position, and it extends the currently applicable Rule 15c2‑11 relief for Rule 144A debt securities that was due to expire on January 3, 2023.