U.S. Securities and Exchange Commission building in Washington, D.C. Jan. 5, 2019. Amended Rule 15c2-11 and Its Potential Impact on the Securitization Market
Rule 15c2-11 was recently amended by the Securities and Exchange Commission to provide for additional disclosure by broker-dealers to potential investors and the staff of the SEC has made it clear that it views Rule 15c2-11 as applying to both equity and fixed income securities. The SEC's most recent no-action letter regarding Rule 15c2-11 raises a few potential issues for the securitization market.
February 03, 2022 at 11:00 AM
6 minute read
Deals and Transactions
Rule 15c2-11 under the U.S. Securities Exchange Act of 1934 was adopted in 1971. At the time Rule 15c2-11 was adopted, the asset-backed securitization market did not exist. The Rule has been viewed historically by many in the market as being aimed at sales of equity securities by brokers and dealers. Rule 15c2-11 was recently amended by the Securities and Exchange Commission (SEC) to provide for additional disclosure by broker-dealers to potential investors and the staff of the SEC has made it clear that it views Rule 15c2-11 as applying to both equity and fixed income securities. The SEC's most recent no-action letter regarding Rule 15c2-11 raises a few potential issues for the securitization market.
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