[Congressional Bills 117th Congress]
[From the U.S. Government Publishing Office]
[H.R. 6632 Introduced in House (IH)]

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117th CONGRESS
  2d Session
                                H. R. 6632

To except quotations of fixed-income securities from certain regulatory 
                 requirements, and for other purposes.


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                    IN THE HOUSE OF REPRESENTATIVES

                            February 7, 2022

 Mr. Kustoff introduced the following bill; which was referred to the 
                    Committee on Financial Services

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                                 A BILL


 
To except quotations of fixed-income securities from certain regulatory 
                 requirements, and for other purposes.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. FINDINGS.

    Congress finds the following:
            (1) On September 16, 2020, the Securities and Exchange 
        Commission adopted a final rule amending Rule 15c2-11 under the 
        Securities Exchange Act of 1934 (15 U.S.C. 78a et seq.) which 
        addresses disclosures in the OTC markets and imposes 
        requirements upon broker-dealers who publish quotations in such 
        markets.
            (2) Rule 15c2-11 was promulgated in 1971, and has generally 
        been understood to apply to OTC equity markets since that time.
            (3) The amendments to Rule 15c2-11 were based on the 
        economic analysis of OTC equity markets.
            (4) The fixed-income markets are different in structure and 
        function than OTC equity markets.
            (5) The fixed-income markets are critical to the ability of 
        thousands of corporations' ability to raise capital, and 
        millions of consumers to obtain credit.
            (6) On December 16, 2021, the Securities and Exchange 
        Commission issued a No-Action Letter purporting to apply Rule 
        15c2-11 to fixed-income markets in a manner that made 
        significant changes to long-standing regulatory requirements, 
        without a rulemaking process, without analysis of the costs and 
        benefits of the action, and without regard for the input of the 
        public.

SEC. 2. EXCEPTION RELATING TO QUOTATIONS OF FIXED-INCOME SECURITIES.

    Section 240.15c2-11 of title 17, Code of Federal Regulations, shall 
not apply with respect to quotations of fixed-income securities.
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