New Public Information Requirements for the Quotation of Fixed-Income Securities

10 November 2022
View Debevoise In Depth
Key Takeaways:
  • Beginning on January 4, 2023, a broker-dealer or qualified interdealer quotation system may only publish or submit “quotations” for fixed-income securities in a quotation medium other than a national securities exchange (i.e., over-the-counter, or “OTC”) if the relevant issuer has made publicly available the financial information required by Rule 15c2-11 (“Rule 15c2-11”) under the Securities Exchange Act of 1934, as amended.
  • Rule 15c2-11 uses a definition of “publicly available” that precludes the restriction of information based on usernames, passwords, fees or other restraints, i.e., the information must be accessible to members of the public generally.
  • It is unclear whether the Securities and Exchange Commission will extend the deadline for, or provide further exemptive relief from, Rule 15c2-11’s application to fixed-income securities.