January 3rd of 2023 is the last day of the first phase of transitional relief from a U.S. rule that specifies the conditions under which a broker-dealer may legally publish or submit quotations for unlisted fixed income securities in a quotation medium. During this first phase, the staff of the Division of Trading and Markets of the U.S. Securities and Exchange Commission (the "SEC") are not recommending enforcement action pursuant to Rule 15c2-11 under the U.S. Securities Exchange Act of 1934, as amended, if a broker-dealer publishes or submits quotations in a quotation medium for fixed income securities sold pursuant to Rule 144A under the U.S. Securities Act of 1933, as amended. During the second and third phases, the no-action letter dated December 16, 2021 issued by the staff of the SEC's Division of Trading and Markets imposes additional conditions on a broker-dealer publishing or submitting quotations for Rule 144A fixed income securities. This briefing discusses these additional conditions and related practical implications for issuers of Rule 144A fixed income securities.

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