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This Briefing will provide an overview of a December 2021 SEC clarification that it would begin applying Rule 15c2-11 to broker-dealer quotations for fixed income securities, including securities traded under Rule 144A among QIBs. This “clarification” would require private “Rule 144A” issuers to make financial and other information publicly available before broker-dealers could provide quotations for their securities.
Mayer Brown LLP partner Edward S. Best and Citigroup Global Markets Inc. Director Adam D. Bordner will cover the following topics:
- The basics of Rule 15c2-11 – (10 minutes)
- The SEC’s new clarification applying the rule to fixed income securities – (10 minutes)
- How this new clarification affects both primary and secondary markets for investment grade and high yield securities – (15 minutes)
- How issuers can comply with Rule 15c2-11 – (15 minutes)
- Initiatives to lobby the SEC to reverse its clarification – (10 minutes)