,,ii  #aah? ,,congress  #b;d ,session   
,s4 #cfgf  ,,9 ,,! ,,s5ate ,,( ,,!      
,,unit$ ,,/ates  ,janu>y #be1 #bjbd,mr4 
,hag]ty introduc$ ! foll[+ bill2 :i* 0  
read twice & ref]r$ to ! ,committee on  
,bank+1 ,h\s+1 & ,urban ,affairs  ,a    
,,bill  ,to except quotations (         
fix$-income securities f c]ta9          
regulatory requirem5ts1 & = o!r         
purposes4  #a4 ,%ort title ,?is ,act may
 be cit$ z ! ,protect+ ,private ,job    
,creators ,act4  #b4 ,f9d+s ,congress   
f9ds ! foll[+3 7#a7 ,on ,septemb] #af1  
#bjbj1 ! ,securities & ,ex*ange         
,commission 7ref]r$ to 9 ?is section z !
 ,commission7 adopt$ a f9al rule am5d+  
section #bdj4ae;c#b-aa ( title #ag1     
,code ( ,f$]al ,regulations 7ref]r$ to 9
 ?is section z ,rule #ae;c#b-aa74 ,^?   
am5dm5ts address$ disclosures 9 !       
m>ketplaces commonly ref]r$ to z        
ov]-!-c\nt] m>kets 7ref]r$ to 9 ?is     
section z ,,otc m>kets7 & impos$        
requirem5ts on brok]s & deal]s t publi% 
quotations 9 ,,otc m>kets4  7#b7 ,rule  

#ae;c#b-aa 0 orig9ally promulgat$ 9     
#aiga &1 s9ce t "t1 has g5]ally be5     
und]/ood to apply to ,,otc m>kets4  7#c7
 ,! am5dm5ts describ$ 9 p>agraph 7#a7 7 
bas$ on ! economic analysis ( ,,otc     
m>kets4  7#d7 ,fix$-income m>kets are-- 
7,a7 diff]5t 9 /ructure & function ?an  
,,otc m>kets2 &  7,b7 critical to !     
ability ( ?\s&s ( bus9esses' ability to 
raise capital4  7#e7 ,section           
#bcj4add;,a ( title #ag1 ,code ( ,f$]al 
,regulations 7ref]r$ to 9 ?is section z 
,rule #add;,a71 requires t1 ^u reque/1  
issu]s make _! f9ancial & op]ational    
in=mation available to qualifi$         
in/itutional buy]s4  7#f7 ,foll[+       
no-action lett]s issu$ on ,septemb] #bd1
 #bjba1 & ,decemb] #af1 #bjba1 !        
,commission indicat$ t ! ,commission    
w\ld apply ,rule #ae;c#b-aa to          
fix$-income m>kets 9 a mann] t w\ld make
 significant *anges to long-/&+         
regulatory requirem5ts )\t a rulemak+   
process1 )\t analysis ( ! co/s & b5efits
 ( ! action1 & )\t reg>d = ! input ( !  

public4 ,accord+ to a subsequ5t         
no-action lett]1 :i* 0 issu$ on ,novemb]
 #cj1 #bjbb1 ! ,commission w apply ,rule
 #ae;c#b-aa to fix$-income securities   
sold pursuant to ,rule #add;,a aft]     
no-action relief expires on ,janu>y #d1 
#bjbe4  7#g7 ,on ,octob] #cj1 #bjbc1 !  
,commission exempt$ fix$-income         
securities sold pursuant to ,rule       
#add;,a f ,rule #ae;c#b-aa compliance1  
f9d+ t do+ s is appropriate 9 ! public  
int]e/1 & consi/5t ) ! protection (     
inve/ors4  #c4 ,exemption relat+ to     
quotations ( fix$-income securities  7a7
 ,def9itions ,9 ?is section3 7#a7       
,equity security2 security ,! t]ms      
equity security & security h ! mean+s   
giv5 ^? t]ms 9 section #c7;a7 ( !       
,securities ,ex*ange ,act ( #aicd 7#ae  
,u4,s4,c4 #gh;c7a774  7#b7 ,fix$-income 
security ,! t]m fix$-income security    
means-- 7,a7 any note1 bond1 deb5ture1  
c]tificate ( deposit = a security1      
c]tificate ( deposit1 or asset-back$    
security or any o!r evid5ce (           

indebt$ness2 or  7,b7 any security      
describ$ 9 subp>agraph 7,a7-- 7i7 t is  
conv]tible1 ) or )\t consid]ation1 into 
any equity security2 or  7ii7 c>ry+ any 
w>rant or "r to subscribe to or pur*ase 
any equity security4  7b7 ,exemption    
,section #bdj4ae;c#b-aa ( title #ag1    
,code ( ,f$]al ,regulations1 or any     
successor regulation1 %all n apply )    
respect to a quotation ( a fix$-income  
security4