Securities and Exchange Commission
The Securities and Exchange Commission (the "SEC" or the "Commission") is proposing amendments to 17 CFR 240.15c2-11 (the "Rule") under the Securities Exchange Act of 1934 (the "Exchange Act"). The Rule governs the publication of quotations for securities in a quotation medium other than a national securities exchange, i.e., over-the-counter ("OTC") securities. The Commission is proposing to provide greater transparency to investors and other market participants by requiring that information about the issuer and the security be current and publicly available; limit certain existing exceptions to the Rule, including the "piggyback exception," to provide greater protections to retail investors; reduce regulatory burdens on broker- dealers for the publication of quotations of certain OTC securities that may be less susceptible to potential fraud and manipulation, such as securities of certain issuers with higher capitalization and securities that were issued in underwritten offerings; and streamline the Rule, remove obsolete provisions without undermining the important investor protections of the Rule, and make technical, non-substantive changes. The Commission is also seeking comment about information repositories.
Document Headings Document headings vary by document type but may contain the following: the agency or agencies that issued and signed a document the number of the CFR title and the number of each part the document amends, proposes to amend, or is directly related to the agency docket number / agency internal file number the RIN which identifies each regulatory action listed in the Unified Agenda of Federal Regulatory and Deregulatory Actions See the Document Drafting Handbook for more details. Securities and Exchange Commission 17 CFR Parts 230 and 240 [Release No. 34-87115; File No. S7-14-19] RIN 3235-AM54 AGENCY: Securities and Exchange Commission. ACTION: Proposed rule and concept release. SUMMARY: The Securities and Exchange Commission (the “SEC” or the “Commission”) is proposing amendments to 17 CFR 240.15c2-11 (the “Rule”) under the Securities Exchange Act of 1934 (the “Exchange Act”). The Rule governs the publication of quotations for securities in a quotation medium other than a national securities exchange, i.e., over-the-counter (“OTC”) securities. The Commission is proposing to provide greater transparency to investors and other market participants by requiring that information about the issuer and the security be current and publicly available; limit certain existing exceptions to the Rule, including the “piggyback exception,” to provide greater protections to retail investors; reduce regulatory burdens on broker-dealers for the publication of quotations of certain OTC securities that may be less susceptible to potential fraud and manipulation, such as securities of certain issuers with higher capitalization and securities that were issued in underwritten offerings; and streamline the Rule, remove obsolete provisions without undermining the important investor protections of the Rule, and make technical, non-substantive changes. The Commission is also seeking comment about informatio…
Citation: 84 FR 58206
