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