Summary

Creates a narrow statutory exception that removes certain fixed‑income securities from the scope of SEC Rule 15c2‑11 for purposes of broker‑dealer quotations. The change defines “fixed‑income securities” broadly (notes, bonds, debentures, CDs, asset‑backed securities, and convertible/warranted versions of those instruments) and adopts congressional findings about how the rule and related SEC guidance have been applied to OTC and fixed‑income markets.

• Creates a statutory exemption to SEC Rule 15c2‑11 for quotations of specified fixed‑income securities.
• Defines fixed‑income securities broadly to include notes, bonds, debentures, certificates of deposit, asset‑backed securities, and convertible/warranted forms of those instruments.
• Records congressional findings about the 1971 origin of Rule 15c2‑11, SEC 2020 amendments, and distinctions between OTC equity and fixed‑income markets.
• Acknowledges existing SEC no‑action letters and exemptive relief that have addressed Rule 15c2‑11’s application to fixed‑income securities.
• Reduces quotation‑related compliance obligations for broker‑dealers quoting the defined fixed‑income instruments.
• Does not change issuer disclosure requirements under Rule 144A or other disclosure regimes for sales to qualified institutional buyers.
• Targets quotation mechanics rather than broader market‑structure or investor‑protection reforms.
• Relief is narrowly scoped to fixed‑income quotations and does not itself appropriate funds or create new federal programs.