SIFMA Statement on the SEC’s Exemptive Relief Order Related to Rule 15c2-11

Washington, D.C., October 30, 2023 – SIFMA today issued the following statement from President and CEO Kenneth E. Bentsen, Jr. on the SEC’s order granting broker-dealers exemptive relief from Rule 15c2-11 for fixed-income securities:

“We believe the exemptive order issued today by the SEC is the right outcome on Rule 15c2-11, and we applaud the Commission for taking this action.  SIFMA and others warned of the potential harm that applying the public disclosure requirements of the Rule to the 144A market would have caused to U.S. companies and investors.  The 144A market is currently relied upon by thousands of corporate and asset-backed securities issuers to raise capital and fund consumer lending, and the exemptive order preserves the ability of issuers to access this important market.”

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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).