,i  #aai? ,,congress  #a/ ,session  ,h4 
,r4 #ciei  ,,9 ,,! ,,h\se ,,(           
,,repres5tatives  ,june #ab1 #bjbe,mr4  
,d[n+ 7= himself & ,mr4 ,fields7        
introduc$ ! foll[+ bill2 :i* 0 ref]r$ to
 ! ,committee on ,f9ancial ,s]vices  ,a 
,,bill  ,to except quotations (         
fix$-income securities f c]ta9          
regulatory requirem5ts1 & = o!r         
purposes4  #a4 ,%ort title ,?is ,act may
 be cit$ z ! ,protect+ ,private ,job    
,creators ,act4  #b4 ,f9d+s ,congress   
f9ds ! foll[+3  7#a7 ,on ,septemb] #af1 
#bjbj1 ! ,securities & ,ex*ange         
,commission 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 (         
bus9esses' ability to raise capital4    
7#f7 ,rule #add;,a requires t issu]s    
make _! f9ancial & op]ational in=mation 
available to qualifi$ in/itutional buy]s
 ^u reque/4  7#g7 ,foll[+ ,no-,action   
,lett]s issu$ on ,septemb] #bd1 #bjba1 &
 ,decemb] #af1 #bjba1 ! ,securities &   
,ex*ange ,commission indicat$ t x w\ld  
apply ,rule #ae;c#b-aa to fix$-income   
m>kets 9 a mann] t made significant     
*anges to long-/&+ regulatory           
requirem5ts1 )\t a rulemak+ process1 )\t
 analysis ( ! co/s & b5efits ( ! action1
 & )\t reg>d = ! input ( ! public4      
,accord+ to a subsequ5t ,no-,action     
,lett]1 :i* 0 issu$ on ,novemb] #cj1    
#bjbb1 ! ,securities & ,ex*ange         
,commission w apply ,rule #ae;c#b-aa to 
fix$-income securities sold pursuant to 
,rule #add;,a aft] no-action relief     

expir$ on ,janu>y #d1 #bjbe4  7#h7 ,on  
,octob] #cj1 #bjbc1 ! ,securities &     
,ex*ange ,commission exempt$ fix$-income
 securities sold pursuant to ,rule      
#add;,a f ,rule #ae;c#b-aa compliance1  
f9d+ do+ s is appropriate 9 ! public    
int]e/1 & consi/5t ) ! protection (     
inve/ors4  7#i7 ,on ,novemb] #bb1 #bjbd1
 ! ,securities & ,ex*ange ,commission   
grant$ exemptive relief f ,rule         
#ae;c#b-aa compliance to all            
fix$-incomes securities t meet c]ta9    
crit]ia4  #c4 ,exception relat+ to      
quotations ( fix$-income securities  7a7
 ,9 g5]al ,section #bdj4ae;c#b-aa (     
title #ag1 ,code ( ,f$]al ,regulations1 
%all n apply ) respect to quotations (  
fix$-income securities4  7b7            
,fix$-,income security def9$ ,9 ?is     
section1 ! t]m fix$-income security     
means--  7#a7 any note1 bond1 deb5ture1 
c]tificate ( deposit = a security1      
c]tificate ( deposit1 asset-back$       
security1 or any o!r evid5ce (          
indebt$ness2 &  7#b7 any security       

describ$ "u p>agraph 7#a7 t is          
conv]tible1 ) or )\t consid]ation1 into 
any equity security or c>ry+ any w>rant 
or "r to subscribe to or pur*ase any    
equity security4