12.2.22
On November 30, the U.S. Securities and Exchange Commission (SEC) issued a new Rule 15c2-11 No-action Letter (NAL) following recommendations from SFA and providing critical relief to the structured finance and 144A market. The revised NAL removes the requirement for 144A disclosure to be made publicly available, temporarily preventing severe liquidity consequences. This no-action relief expires in January 2025, therefore, SFA will continue to advocate for permanent relief from the SEC, far ahead of the expiry date.
In a press release, SFA’s CEO Michael Bright stated, “Since the SEC’s establishment of Rule 144A, a vibrant, liquid market has successfully developed, as policymakers intended. We commend the SEC for recognizing how critical this no-action relief is in order to avoid impacting the very investors the SEC seeks to protect.”