SEC Amends Rule 15c2-11

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On September 16, 2020, the Securities and Exchange Commission adopted amendments to Exchange Act Rule 15c2-11.  This rule was last amended about thirty years ago.  Rule 15c2-11 prescribes requirements relating to the publication or submission of quotations by broker-dealers in a quotation medium other than a national securities exchange, so OTC markets.  Before a broker-dealer may initiate or resume quotations for a security in a quotation medium, the broker-dealer must review key, basic information about the issuer of the security.  The amendments are intended to modernize the requirements and promote additional transparency for investors so that there is current information about an issuer and security before a broker-dealer provides quotes.  The amendments will become effective 60 days following publication of the amendments in the Federal Register.  The Rule will have a general compliance date that is nine months after the effective date as well as a compliance date that is two years after the effective date regarding provisions to require an issuer’s financial information for the last two fiscal years to be current and publicly available.

The press release and fact sheet are available here.  The adopting release is available here.

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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.

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