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ASA Calls for Fixed Income Exemption to SEC OTC Rule 15c2-11

WASHINGTON – The American Securities Association (ASA) today sent a letter to the Securities and Exchange Commission (SEC) expressing concerns with the Commission’s Rule 15c2-11 as it relates to the U.S. fixed income markets.

“The Rule was written in the context of OTC equities and does not account for differences in how the fixed income market functions, making it virtually impossible for fixed income market participants to comply with,” ASA CEO Chris Iacovella wrote in the letter. “Existing and appropriately tailored rules guarantee that fixed income investors have the necessary disclosures and transparency they need to make informed investment decisions,” Iacovella wrote. “Consequently, given the mosaic of rules currently in place to protect investors, we question whether the Rule should be applied to the fixed income market.”

“Unless further action is taken by the Commission, the Rule will impose significant disruptions upon an otherwise well-functioning fixed income market. Specifically, the Rule would cause a reduction in quoting activity, which will reduce liquidity and market transparency for all fixed income market participants, an outcome the Commission certainly did not intend,” Iacovella wrote.


ASA’s regional financial services companies work in communities across the country to create jobs, grow the economy, and increase prosperity for all Americans. The ASA exclusively represents the capital market and private client interests of its members and seeks to promote free market principles making it easier to access financial advice and capital. ASA members help Americans save for retirement, provide Main Street businesses with capital to grow, and advise hardworking Americans how to create and preserve wealth. For the latest updates follow @AmerSecurities and learn more at


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