Securities and Exchange Commission
The Securities and Exchange Commission (the "SEC" or the "Commission") is adopting amendments to Rule 15c2-11 (the "Rule") under the Securities Exchange Act of 1934 (the "Exchange Act"), which 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 amendments are designed to modernize the Rule, promote investor protection, and curb incidents of fraud and manipulation by, among other things: Requiring information about issuers to be current and publicly available for broker-dealers to quote their securities in the OTC market; narrowing reliance on certain exceptions from the Rule's requirements, including the piggyback exception; adding new exceptions for the quotations of securities that may be less susceptible to fraud and manipulation; removing obsolete provisions; adding new definitions; and making technical amendments.
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 Nos. 33-10842; 34-89891; File No. S7-14-19] RIN 3235-AM54 AGENCY: Securities and Exchange Commission. ACTION: Final rule. SUMMARY: The Securities and Exchange Commission (the “SEC” or the “Commission”) is adopting amendments to Rule 15c2-11 (the “Rule”) under the Securities Exchange Act of 1934 (the “Exchange Act”), which 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 amendments are designed to modernize the Rule, promote investor protection, and curb incidents of fraud and manipulation by, among other things: Requiring information about issuers to be current and publicly available for broker-dealers to quote their securities in the OTC market; narrowing reliance on certain exceptions from the Rule's requirements, including the piggyback exception; adding new exceptions for the quotations of securities that may be less susceptible to fraud and manipulation; removing obsolete provisions; adding new definitions; and making technical amendments. DATES:   Effective date: December 28, 2020. Compliance date: The compliance dates are discussed in Part II.P of this release. FOR FURTHER INFORMATION CONTACT: Laura Gold, Special Counsel, John Guidroz, Branch Chief, James Curley, Theresa Hajost, Samuel Litz, Patrice Pitts, Special Counsels,…
Citation: 85 FR 68124
