SIFMA Statement on Issuance of Revised No-Action Relief for SEC Rule 15c2-11

Washington, DC, November 22, 2024 – SIFMA today issued the following statement from president and CEO Kenneth E. Bentsen, Jr. on the issuance of revised no-action relief for SEC Rule 15c2-11:

“Extending the 15c2-11 no-action relief is the right outcome and we commend the SEC for taking this approach.  SIFMA has long held that rules need to be fit for purpose and designed thoughtfully.  In this case, an equity-markets focused rule was ill-suited for application to the very different fixed income markets, and if the current no action relief that has allowed fixed income markets to continue to function effectively were to expire, these markets would have seen material disruption and investors would have been harmed through a reduction in liquidity and price transparency.  If this rule is to be applied to fixed income markets, it needs to be revised through a public notice and comment process so that the Commission can design a rule that both protects investors and promotes, rather than impairs, the ability of fixed income markets to fund the consumer, business, and other credit creation that fuels our economy.”

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SIFMA is the leading trade association for broker-dealers, investment banks and asset managers operating in the U.S. and global capital markets. On behalf of our industry’s one million employees, we advocate on legislation, regulation and business policy affecting retail and institutional investors, equity and fixed income markets and related products and services. We serve as an industry coordinating body to promote fair and orderly markets, informed regulatory compliance, and efficient market operations and resiliency. We also provide a forum for industry policy and professional development.  SIFMA, with offices in New York and Washington, D.C., is the U.S. regional member of the Global Financial Markets Association (GFMA).