,i  #aaith ,,congress  #ast ,session    
,h4 ,r4 #ciei  ,,in ,,the ,,house ,,of  
,,representatives  ,june #ab1 #bjbe,mr4 
,downing 7for himself and ,mr4 ,fields7 
introduced the following bill2 which was
 referred to the ,committee on          
,financial ,services  ,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 adopted a     
final rule amending ,rule #ae;c#b-aa    
under the ,securities ,exchange ,act of 
#aicd 7#ae ,u4,s4,c4 #gh;a et seq47     
which addresses disclosures in the ,,otc
 markets and imposes requirements upon  
broker-dealers who publish quotations in
 such markets4  7#b7 ,rule #ae;c#b-aa   
was promulgated in #aiga1 and has       
generally been understood to apply to   

,,otc equity markets since that time4   
7#c7 ,the amendments to ,rule #ae;c#b-aa
 were based on the economic analysis of 
,,otc equity markets4  7#d7 ,the        
fixed-income markets are different in   
structure and function than ,,otc equity
 markets4  7#e7 ,the fixed-income       
markets are critical to the ability of  
thousands of businesses' ability to     
raise capital4  7#f7 ,rule #add;,a      
requires that issuers make their        
financial and operational information   
available to qualified institutional    
buyers upon request4  7#g7 ,following   
,no-,action ,letters issued on          
,september #bd1 #bjba1 and ,december    
#af1 #bjba1 the ,securities and         
,exchange ,commission indicated that it 
would apply ,rule #ae;c#b-aa to         
fixed-income markets in a manner that   
made significant changes to             
long-standing regulatory requirements1  
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 
,securities and ,exchange ,commission   
will apply ,rule #ae;c#b-aa to          
fixed-income securities sold pursuant to
 ,rule #add;,a after no-action relief   
expired on ,january #d1 #bjbe4  7#h7 ,on
 ,october #cj1 #bjbc1 the ,securities   
and ,exchange ,commission exempted      
fixed-income securities sold pursuant to
 ,rule #add;,a from ,rule #ae;c#b-aa    
compliance1 finding doing so is         
appropriate in the public interest1 and 
consistent with the protection of       
investors4  7#i7 ,on ,november #bb1     
#bjbd1 the ,securities and ,exchange    
,commission granted exemptive relief    
from ,rule #ae;c#b-aa compliance to all 
fixed-incomes securities that meet      
certain criteria4  #c4 ,exception       
relating to quotations of fixed-income  
securities  7a7 ,in general ,section    
#bdj4ae;c#b-aa of title #ag1 ,code of   
,federal ,regulations1 shall not apply  

with respect to quotations of           
fixed-income securities4  7b7           
,fixed-,income security defined ,in this
 section1 the term fixed-income security
 means--  7#a7 any note1 bond1          
debenture1 certificate of deposit for a 
security1 certificate of deposit1       
asset-backed security1 or any other     
evidence of indebtedness2 and  7#b7 any 
security described under paragraph 7#a7 
that is convertible1 with or without    
consideration1 into any equity security 
or carrying any warrant or right to     
subscribe to or purchase any equity     
security4