September 21, 2020

Corporate & Financial Weekly Digest, Featuring Articles on Modernized Disclosures by SEC for Banking Registrants, New Guidance by FINRA on Public Offerings and a Proposal by CFPB to Implement Rules for Small Business Lending Data Collection

Christina Grigorian, Carolyn Jackson, Nathaniel Lalone, Susan Light, Neil Robson, Jack West

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BROKER-DEALER -

SEC Amends Exchange Act Rule 15c2-11 to Enhance Retail Investor Protections and Modernize Governing Quotations for Over-the-Counter Securities -

On September 16, the Securities and Exchange Commission adopted amendments to the Securities Exchange Act of 1934 (Exchange Act) Rule 15c2-11 to modernize the rule, including by recognizing advances in communications technology. The rule requires broker-dealers to review key, basic issuer information before initiating or resuming quotations for the issuer’s security in the over-the counter (OTC) market.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.