The Senior Executives Group (SEG) of the Assets Managers Forum (AMF) of The Bond Market Association (TBMA)* provides comments to the Securities and Exchange Commission (SEC) on additional mark-up policy for transactions in debt securities, except municipal securities. File No. SR-NASD-2003-141.  The SEG shares concerns that the proposed rule may lead to unintended adverse effects on liquidity in some key segments of the fixed income markets, including high yield, distressed, and structured credit investments.

*SIFMA is the product of a merger between the Securities Industry Association (SIA) and The Bond Market Association (TBMA) in 2006.