This bill has advanced since we wrote our summary.
Current stage on Congress.gov: Reported in House.
Right now, SEC regulations require brokers to verify and publish certain information before they can quote prices on securities. This bill would exempt fixed-income securities — bonds, notes, debentures, certificates of deposit, and asset-backed securities — from those requirements. The goal is to make it easier for private companies to access debt markets and raise capital without the regulatory burden of SEC Rule 15c2-11, which was originally designed for equity markets.
Corporate Benefits
- SEC Rule 15c2-11 application to fixed-income securities — Bonds, notes, debentures, certificates of deposit, and asset-backed securities exempted from broker quotation-information requirements
Transparency & Accountability
- Pre-quote disclosure for fixed-income markets — Brokers no longer need to verify and publish issuer information before quoting these instruments
Average Household Impact
- Information available to retail bond buyers — Issuer-information disclosure tied to broker quotes no longer required for fixed-income securities
Congressional Summary
This bill provides statutory authority for an exemption from specified disclosure requirements applicable to fixed-income securities (e.g., corporate bonds or a certificate of deposit).Under current securities regulations, brokers and dealers are generally prohibited from publishing securities quotations (i.e., the sale price) in over-the-counter (i.e., not on a national exchange) markets unless they have certain information about the securities issuer in their records. The Securities and Exchange Commission issued a series of orders (with the latest order issued in November 2024) granting an exemption to this rule to fixed-income securities that comply with specified safe-harbor rules. The bill provides statutory authority for this exemption.
Legislative Subjects
Details
- Congress
- 119th
- Chamber
- House
- Status
- summarized
- Action
- Placed on the Union Calendar, Calendar No. 448.
- Action Date
- 2026-02-25
- Date Added
- 2026-04-09
- Source
- Congress.gov →
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