SIFMA Welcomes HFSC Mark-Up of the Protecting Private Job Creators Act

Washington, D.C., December 17, 2025 – SIFMA today issued the following statement from president and CEO Kenneth E. Bentsen, Jr. on H.R. 3959, the Protecting Private Job Creators Act which H.R. 3959 would codify that rule 15c2-11 does not apply to fixed income securities:

“SIFMA and its members have consistently argued that applying Rule 15c2-11 to fixed income markets is inappropriate and inconsistent with the rule’s original purpose. We applaud the efforts of Rep. Troy Downing and Rep. Cleo Fields and support this legislation moving forward.”

Background:

First adopted in 1971, SEC Rule 15c2-11 was designed to protect retail investors from fraud in the over-the-Counter (OTC) equities markets. For fifty years, the rule was solely applied to equities markets until, in 2021, the SEC unexpectedly announced it would begin enforcing 15c2-11 in fixed income markets. This reinterpretation – without formal rulemaking or Commission vote – introduced significant uncertainty for issuers, investors, and market intermediaries in one of the largest and most important segments of the U.S. capital markets. Recognizing these concerns, the SEC has issued no-action and exemptive relief related to fixed income securities, but the relief is not comprehensive, which is why this legislation is necessary.

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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 nearly 1 million employees, we advocate for 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). For more information, visit http://www.sifma.org.