US HB3959

Exempts quotations of fixed-income securities from SEC Rule 15c2-11 requirements, which typically mandate broker-dealers to review and maintain certain issuer information before publishing quotations

Defines "fixed-income security" to include notes, bonds, debentures, certificates of deposit, asset-backed securities, and any other evidence of indebtedness

Extends the exemption to convertible securities that can be exchanged for equity securities, as well as securities carrying warrants or rights to purchase equity

Introduced June 12, 2025 by Rep. Downing and Rep. Fields; reported with amendment from House Financial Services Committee on February 25, 2026