{"id":106442,"date":"2025-02-05T11:07:51","date_gmt":"2025-02-05T16:07:51","guid":{"rendered":"https:\/\/www.bloomberg.com\/professional\/insights\/regulation\/fixed-income-quotation-sec-extends-15c2-11-relief-again\/"},"modified":"2025-02-05T11:07:51","modified_gmt":"2025-02-05T16:07:51","slug":"fixed-income-quotation-sec-extends-15c2-11-relief-again","status":"publish","type":[3762],"link":"https:\/\/www.bloomberg.com\/professional\/insights\/regulation\/fixed-income-quotation-sec-extends-15c2-11-relief-again\/","title":{"rendered":"Fixed income quotation: SEC extends 15c2-11 relief, again"},"content":{"rendered":"<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-compact row-padding--bottom-none bbg-row--full-bg-bleed\" data-anchor='row-6a049948e7ddc'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-7\"\n    style=\"\"\n    >\n    <p><div\n    class=\"bbg-spacer bbg-spacer--lg\"\n    >\n<\/div><div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p class=\"small\"><strong><span style=\"font-size: 14px; letter-spacing: 1px; color: #0062dd;\">ARTICLE<\/span><\/strong><\/p>\n\n<\/div>\n<div\n    class=\"bbg-spacer bbg-spacer--sm\"\n    >\n<\/div>    <h1 class=\"bbg-metadata bbg-metadata--title\">Fixed income quotation: SEC extends 15c2-11 relief, again<\/h1>\n<div\n    class=\"bbg-spacer\"\n        style=\"height: 50px !important\"\n    >\n<\/div>    <ul class=\"bbg-categories_list\">\n                    <li>\n                <a href=\"https:\/\/www.bloomberg.com\/professional\/insights\/category\/data\/\" rel=\"category tag\">\n                    Data\n                <\/a>\n            <\/li>\n                    <li>\n                <a href=\"https:\/\/www.bloomberg.com\/professional\/insights\/category\/regulation\/\" rel=\"category tag\">\n                    Regulation\n                <\/a>\n            <\/li>\n            <\/ul>\n<\/p>\n\n<\/div><div\n    class=\"bbg-column bbg-column--width-5\"\n    style=\"\"\n    >\n    <div id=\"\" class=\"wpb_content_element bbg-single-image align-left\">\n    <figure class=\"bbg-single-image__figure\" style=\"max-width:100%\">\n                <img loading=\"lazy\" decoding=\"async\" width=\"800\" height=\"544\" src=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/323748554.jpg\" class=\"bbg-single-image__image attachment-full\" alt=\"Ethernet cables\" title=\"Lights illuminate ethernet cables on mining rigs\" srcset=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/323748554.jpg 800w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/323748554.jpg 552w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/323748554.jpg 768w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/323748554.jpg 159w\" sizes=\"auto, (max-width: 800px) 100vw, 800px\" \/>\n        \n            <\/figure>\n<\/div>\n\n\n\n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-none row-padding--bottom-none bbg-row--full-bg-bleed\" data-anchor='row-6a049948f2a5f'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-6 bbg-column--m-width-6\"\n    style=\"\"\n    >\n    <p>    <p class=\"bbg-metadata bbg-metadata--date\">February 5, 2025<\/p>\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p><strong>Bloomberg Professional Services<\/strong><\/p>\n\n<\/div>\n\n<\/div><div\n    class=\"bbg-column bbg-column--width-2 bbg-column--valign-middle bbg-column--m-width-2 bbg-column--s-padding-right-2\"\n    style=\"\"\n    >\n    <div class=\"bb-tts\"\n\tdata-selector=\"main\"\n\tdata-label=\"Speak this page\"\n\tdata-custom-play=\"Play\"\n\tdata-custom-pause=\"Pause\"\n\tdata-custom-stop=\"Stop\"\n\tdata-overlay=\"false\"\n\tdata-invert=\"false\"\n\tdata-no-time=\"false\"\n\tdata-no-button-text=\"false\"\n\tdata-one-button=\"true\"\n\tdata-one-style=\"true\"\n\tdata-hide-stop=\"true\"\n\tdata-voice=\"Gordon\"\n\tdata-pitch=\"1\"\n\tdata-speed=\"1\"\n\tdata-align=\"flex-start\"\n>\n<\/div>\n\n\n<\/div><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-compact row-padding--bottom-compact bbg-row--full-bg-bleed\" data-anchor='row-6a04994901127'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-8\"\n    style=\"\"\n    >\n    <div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p><em>This article was written by Kate Lee, Global Head of Regulatory Enterprise Data, Jason Palsgrove, Regulatory Product Manager, and Thomas Labbe, Global Regulatory Product Manager at Bloomberg.<\/em><\/p>\n<h2>Welcome relief<\/h2>\n<p>For broker dealers who were dreading the full implementation of the Fixed Income Quotation rule, SEC rule 15c2-11, staff once again granted relief. On November 22, 2024, fixed income broker-dealers breathed a sigh of relief when the SEC <a href=\"https:\/\/www.sec.gov\/files\/investment\/no-action\/fixed-income-rule-15c2-11-no-action-letter-finra-112224.pdf\">expanded<\/a> their no action letter for Rule 15c2-11, which had been set to expire on January 4, 2025. Rule 15c2-11 requires broker-dealers to obtain an issuer\u2019s current publicly available financial information, review and be able to provide them to investors prior to publishing prices for their securities. It was extremely uncertain how fixed income dealers would be able to provide customers with transaction quotations in their securities or how funds would be able to mark-to-market their investments if the no-action letter had been allowed to expire.<\/p>\n\n<\/div>\n\n\n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-none row-padding--bottom-none bbg-row--margin-top-compact bbg-row--margin-bottom-compact bbg-row--full-bg-bleed\" data-anchor='row-6a04994902b71'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <div\n    class=\"bbg-column\"\n    style=\"\"\n    >\n    <div class=\"bbg-interstitial\" aria-label=\"interstitial\" tabindex=\"0\">\n\t<style>\n\t\t.bbg-interstitial #card_1.bbg-card_hasCta{\n\t\t\tbackground: url(https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Interstitial_bg.png);\n\t\t\t\tbackground-repeat: no-repeat;\n\t\t\t\tbackground-position: center center;\n\t\t\t\tbackground-size: cover;\n\t\t\tpadding: 104px;\n\t\t\t\n\t\t\t\n\t\t}\n\t\t.bbg-interstitial #card_1.bbg-card_hasCta .bbg-card__content, .bbg-interstitial #card_1.bbg-card_hasCta .bbg-card__content p{\n\t\t\tcolor:white;\n\t\t}\n\t\t@media (max-width: 768px) {\n\t\t\t.bbg-interstitial #card_1.bbg-card_hasCta{\n\t\t\t\tpadding: 80px 32px;\n\t\t\t}\n\t\t}\n\t\t@media (max-width: 480px) {\n\t\t\t.bbg-interstitial #card_1.bbg-card_hasCta{\n\t\t\t\tpadding: 80px 18px;\n\t\t\t}\n\t\t}\n\t<\/style>\n\t<div class=\"wpb_content_element bbg-card  bbg-card-dark bbg-card_hasCta has_interstitial\" id=\"card_1\" data-card_type=\"no_image\">\n  \n  \n  <div class=\"bbg-card__innerwrapper\">\n    <div class=\"bbg-card__content\">\n      \n      \n                      <h3 class=\"bbg-card__title\">Discover more with Bloomberg newsletters<\/h3>\n      \n              <div class=\"bbg-card__wysiwyg bb-wysiwyg\"><p>Subscribe now<\/p>\n<\/div>\n          <\/div>\n\n          \n<div\n  id=\"cta_1686144980000024799\"\n  class=\"wpb_content_element bbg-cta icon icon-arrow\">\n  <style>\n    \n    \n    \n  <\/style>\n  <div\n    class=\"bbg-cta-link link-holder\"\n    data-links-type=\"cta-links\">\n    <p class=\"bbg-cta-p right\">\n      <a\n        class=\"bbg-cta-link link interstitial_cta\"\n        href=\"https:\/\/www.bloomberg.com\/professional\/insights\/newsletter\/\"\n        target=\"\"\n        rel=\"\"\n        data-section-name=\"\"\n                role=\"button\"\n        aria-label=\"Learn more\"\n        >\n                <\/a>\n    <\/p>\n  <\/div>\n<\/div>\n\n      <\/div>\n\n  <\/div>\n\n<\/div>\n\n\n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-compact row-padding--bottom-none bbg-row--full-bg-bleed\" data-anchor='row-6a04994907e67'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-8\"\n    style=\"\"\n    >\n    <div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p>The history of how Rule 15c2-11 became applied to fixed income securities has many twists and turns. Rule 15c2-11 is a fifty-four-year-old rule that was broadly understood to pertain only to Over the Counter (OTC) equities \u2013 to combat penny stock fraud. Rule 15c2-11 was adopted in 1971 and neither the adopting release nor the amendments in 1975, 1991 and 2020 indicated that <a href=\"https:\/\/www.sec.gov\/newsroom\/speeches-statements\/peirce-nal-rule-15c2-11-2021-09-24\">the Commission intended for the rule to pertain to fixed income<\/a>. Quite unexpectedly in 2021, SEC staff informally indicated that they believed that the rule also applied to fixed income securities. In September 2021, the staff formally informed the industry of their plans, publishing an initial <a href=\"https:\/\/www.sec.gov\/files\/fixed-income-rule-15c2-11-nal-finra-121621.pdf\">no-action letter<\/a>. Market participants were given only three-months, until January 2022, to comply. Following several engagements with the industry, the staff, in December 2021, <a href=\"https:\/\/www.sec.gov\/files\/fixed-income-rule-15c2-11-nal-finra-121621.pdf\">provided additional guidance<\/a>\u00a0and extended the compliance date to January 3, 2024. Following a <a href=\"https:\/\/nam.org\/manufacturers-sue-sec-to-protect-private-businesses-release-data-on-harmful-impact-of-novel-rule-interpretation-28342\/\">lawsuit<\/a> by the National Association of Manufacturers and the Kentucky Association of Manufacturers, in September 2023, challenging that the application of Rule 15c2-11 to fixed income Rule 144A securities would force private companies to publicly disclose confidential financial information, contradicting a protection embedded in Rule 144A, <a href=\"https:\/\/www.sec.gov\/files\/rules\/exorders\/2023\/34-98819.pdf\">the Commissioners<\/a>, \u00a0in October 2023, exempted Rule 144A securities. With the January 2024 expiration rapidly approaching, in November 2023, the staff <a href=\"https:\/\/www.sec.gov\/files\/fixed-income-rule-15c2-11-nal-finra-113022.pdf\">published<\/a> another no-action letter providing more implementation guidance. That no-action letter was set to expire on January 4, 2025. Because Rule 15c2-11 did not contain any of the guidance in the no-action letter, the expiration of the no-action letter would have been especially problematic, preventing broker-dealers from providing their customers with quotes in most non-rule144A securities.<\/p>\n<p>While the most recent staff no-action solidified initial compliance guidance in perpetuity, compliance standards and best practices will most likely continue to evolve as SEC and FINRA examiners evaluate compliance programs.<\/p>\n<h2>Continuation and some additional clarity<\/h2>\n<p>The no-action guidance enables a broker-dealer to quote a security if the issuer maintains a class of securities that is listed on a US national securities exchange. From a practical perspective, the removal of this point would not have been highly impactful, as one requirement is the continuous publication of all SEC required documentation. However, the persistent reliance on the presence of a listing alone provides an easier path to compliance for many of the larger and better-known issuers. Bloomberg\u2019s approach to this condition also goes one step further to ensure that issuers relying on this exemption are not in breach of any of the exchange\u2019s listing requirements.<\/p>\n<p>Additionally, the sunset of the exemption for fixed income instruments issued by bank holding companies and credit unions loomed as a potential challenge. There was sufficient ambiguity around whether reports filed with the National Credit Union Association (NCUA) or the Federal Financial Institutions Examination Council (FFIEC) met the muster of financial reporting. The extension of this clause removed this question and clearly allowed for the continued quotation of thousands of bonds issued by these types of issuers.<\/p>\n<p>Finally, tucked at the end of the list of criteria was an addition that traders in the Asset-Backed Securities (ABS) market welcomed. There had been continued ambiguity around what constituted current financial data from issuers of Special Purpose Vehicles (SPVs), as they do not have conventional financial reports akin to companies. Prior to this, the only explicit exemptions available in the ABS market applied to those securities that were agency-backed, as well as those that were issued in reliance on SEC Rule 144A.<\/p>\n<p>The new letter contains a reference to a prior no-action position issued in 2011 which refers to previously defined reporting requirements pertaining to ABS issuers. Recent ABS issuers are obligated to publish a monthly 10-D report with the SEC, detailing the state of the bonds and underlying collateral. By tracking and validating that an ABS issuer has an up-to-date collateral report that has been publicly filed with the SEC, one can reasonably determine that this condition is met and quote publicly-listed ABS positions. Bloomberg\u2019s ability to test this on an ongoing basis will help provide automation and transparency to quotation of the ABS market.<\/p>\n<p>While the no-action letter is open-ended, and there is still more to be written regarding this rule, Bloomberg\u2019s deep and interconnected data store is well positioned to assist the market by automatically testing the relevant conditions and continuing to evolve as regulations and guidance changes.<\/p>\n<h2>How can we help?<\/h2>\n<p>The Bloomberg SEC Fixed Income Quotation solution provides firms with automated test results that communicate relevant characteristics regarding bond quotation. It includes (but not limited to) data fields such as:<\/p>\n<ul>\n<li>Indicator for Quotation of Securities, flagging whether an attribute has been identified that may be relevant to the analysis of whether a security may be quoted under the Securities and Exchange Commission (SEC) Rule 15c2-11<\/li>\n<li>Date on which the issuer\u2019s latest financial reports were audited<\/li>\n<li>Indicator whether the issuer of the security has registered at the time of issuance with the Securities and Exchange Commission (SEC)<\/li>\n<\/ul>\n<p>Indicator whether the issuer of the security is an agency issuer, selling credit risk off its books through the transaction.<\/p>\n<p>To learn more about Bloomberg\u2019s SEC Fixed Income Quotation Solution click <a href=\"https:\/\/www.bloomberg.com\/professional\/products\/data\/enterprise-catalog\/regulatory\/\">here<\/a>.<\/p>\n\n<\/div>\n\n\n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    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