Capital Markets & Securities Law Watch

On November 30, 2022, the SEC issued a no-action letter to FINRA providing relief for brokers and dealers until January 4, 2025 from the application of Rule 15c2-11 under the Securities Exchange Act of 1934 to fixed income securities, including those issued in Rule 144A transactions. The no-action letter was issued in response to requests from industry participants and related organizations for relief from the SEC’s position, and it extends the currently applicable Rule 15c2‑11 relief for Rule 144A debt securities that was due to expire on January 3, 2023.