SEC Grants Exemptive Relief From Rule 15c2-11 Disclosure Requirements for Rule 144A Fixed-Income Securities
In a reversal of its 2021 guidance, on October 30, 2023, the Securities and Exchange Commission (the “SEC”) issued an order granting exemptive relief to broker-dealers from the disclosure requirements of Rule 15c2-11 under the Securities Exchange Act of 1934 (“Rule 15c2-11”) with respect to fixed-income securities issued pursuant to Rule 144A under the Securities Act of 1933 (“Rule 144A”). The order effectively restores disclosure requirements for Rule 144A fixed-income securities to pre-2021 status, and maintains the current disclosure system for the Rule 144A market.