,i  #aag? ,,congress  #b;d ,session  ,h4
 ,r4 #ffcb  ,,9 ,,! ,,h\se ,,(          
,,repres5tatives  ,febru>y #g1 #bjbb,mr4
 ,ku/(f introduc$ ! foll[+ bill2 :i* 0  
ref]r$ to ! ,committee on ,f9ancial     
,s]vices  ,a ,,bill  ,to except         
quotations ( fix$-income securities f   
c]ta9 regulatory requirem5ts1 & = o!r   
purposes4  #a4 ,f9d+s ,congress f9ds !  
foll[+3 7#a7 ,on ,septemb] #af1 #bjbj1 !
 ,securities & ,ex*ange ,commission     
adopt$ a f9al rule am5d+ ,rule          
#ae;c#b-aa "u ! ,securities ,ex*ange    
,act ( #aicd 7#ae ,u4,s4,c4 #gh;a et    
seq47 :i* addresses disclosures 9 !     
,,otc m>kets & imposes requirem5ts ^u   
brok]-deal]s :o publi% quotations 9 su* 
m>kets4  7#b7 ,rule #ae;c#b-aa 0        
promulgat$ 9 #aiga1 & has g5]ally be5   
und]/ood to apply to ,,otc equity m>kets
 s9ce t "t4  7#c7 ,! am5dm5ts to ,rule  
#ae;c#b-aa 7 bas$ on ! economic analysis
 ( ,,otc equity m>kets4  7#d7 ,!        
fix$-income m>kets are diff]5t 9        
/ructure & function ?an ,,otc equity    

m>kets4  7#e7 ,! fix$-income m>kets are 
critical to ! ability ( ?\s&s (         
corporations' ability to raise capital1 
& millions ( consum]s to obta9 cr$it4   
7#f7 ,on ,decemb] #af1 #bjba1 !         
,securities & ,ex*ange ,commission issu$
 a ,no-,action ,lett] purport+ to apply 
,rule #ae;c#b-aa to fix$-income m>kets 9
 a mann] t made significant *anges to   
long-/&+ regulatory requirem5ts1 )\t a  
rulemak+ process1 )\t analysis ( ! co/s 
& b5efits ( ! action1 & )\t reg>d = !   
input ( ! public4  #b4 ,exception relat+
 to quotations ( fix$-income securities 
,section #bdj4ae;c#b-aa ( title #ag1    
,code ( ,f$]al ,regulations1 %all n     
apply ) respect to quotations (         
fix$-income securities4