SFA Submits Comment Letter on SEC Rule 15c2-11
article by Structured Finance Association
On Monday, May 18, 2026, SFA submitted a comment letter to the Securities and Exchange Commission (SEC) in response to the Commission’s proposal to amend Exchange Act Rule 15c2-11 to apply only to equity securities. While SFA appreciates the efforts to exclude fixed-income securities from the scope of the rule, the comments express concern that without adopting additional specificity regarding the definition of “equity security”, the SEC may foster a level of uncertainty regarding the application of the rule that harms market participants and, ultimately in the case of asset-backed securities, homebuyers and consumers. The letter reiterates the request that the SEC adopt an explicit exclusion from the definition of “equity security” for fixed-income securities, including ABS, to resolve any such unnecessary ambiguity.