,,ii  #aahth ,,congress  #b;d ,session  
,s4 #cfgf  ,,in ,,the ,,senate ,,of     
,,the ,,united ,,states  ,january #be1  
#bjbd,mr4 ,hagerty introduced the       
following bill2 which was read twice and
 referred to the ,committee on ,banking1
 ,housing1 and ,urban ,affairs  ,a      
,,bill  ,to except quotations of        
fixed-income securities from certain    
regulatory requirements1 and for other  
purposes4  #a4 ,short title ,this ,act  
may be cited as the ,protecting ,private
 ,job ,creators ,act4  #b4 ,findings    
,congress finds the following3 7#a7 ,on 
,september #af1 #bjbj1 the ,securities  
and ,exchange ,commission 7referred to  
in this section as the ,commission7     
adopted a final rule amending section   
#bdj4ae;c#b-aa of title #ag1 ,code of   
,federal ,regulations 7referred to in   
this section as ,rule #ae;c#b-aa74      
,those amendments addressed disclosures 
in the marketplaces commonly referred to
 as over-the-counter markets 7referred  
to in this section as ,,otc markets7 and

 imposed requirements on brokers and    
dealers that publish quotations in ,,otc
 markets4  7#b7 ,rule #ae;c#b-aa was    
originally promulgated in #aiga and1    
since that time1 has generally been     
understood to apply to ,,otc markets4   
7#c7 ,the amendments described in       
paragraph 7#a7 were based on the        
economic analysis of ,,otc markets4     
7#d7 ,fixed-income markets are-- 7,a7   
different in structure and function than
 ,,otc markets2 and  7,b7 critical to   
the ability of thousands of businesses' 
ability to raise capital4  7#e7 ,section
 #bcj4add;,a of title #ag1 ,code of     
,federal ,regulations 7referred to in   
this section as ,rule #add;,a71 requires
 that1 upon request1 issuers make their 
financial and operational information   
available to qualified institutional    
buyers4  7#f7 ,following no-action      
letters issued on ,september #bd1 #bjba1
 and ,december #af1 #bjba1 the          
,commission indicated that the          
,commission would apply ,rule #ae;c#b-aa

 to fixed-income markets in a manner    
that would make significant changes to  
long-standing regulatory requirements   
without a rulemaking process1 without   
analysis of the costs and benefits of   
the action1 and without regard for the  
input of the public4 ,according to a    
subsequent no-action letter1 which was  
issued on ,november #cj1 #bjbb1 the     
,commission will apply ,rule #ae;c#b-aa 
to fixed-income securities sold pursuant
 to ,rule #add;,a after no-action relief
 expires on ,january #d1 #bjbe4  7#g7   
,on ,october #cj1 #bjbc1 the ,commission
 exempted fixed-income securities sold  
pursuant to ,rule #add;,a from ,rule    
#ae;c#b-aa compliance1 finding that     
doing so is appropriate in the public   
interest1 and consistent with the       
protection of investors4  #c4 ,exemption
 relating to quotations of fixed-income 
securities  7a7 ,definitions ,in this   
section3 7#a7 ,equity security2 security
 ,the terms equity security and security
 have the meanings given those terms in 

section #c7;a7 of the ,securities       
,exchange ,act of #aicd 7#ae ,u4,s4,c4  
#gh;c7a774  7#b7 ,fixed-income security 
,the term fixed-income security means-- 
7,a7 any note1 bond1 debenture1         
certificate of deposit for a security1  
certificate of deposit1 or asset-backed 
security or any other evidence of       
indebtedness2 or  7,b7 any security     
described in subparagraph 7,a7-- 7i7    
that is convertible1 with or without    
consideration1 into any equity security2
 or  7ii7 carrying any warrant or right 
to subscribe to or purchase any equity  
security4  7b7 ,exemption ,section      
#bdj4ae;c#b-aa of title #ag1 ,code of   
,federal ,regulations1 or any successor 
regulation1 shall not apply with respect
 to a quotation of a fixed-income       
security4