US SEC Adopts Amendments to Exchange Act Rule 15c2-11 on Securities Quotations

US SEC Adopts Amendments to Exchange Act Rule 15c2-11 on Securities Quotations

On September 16, 2020, the US Securities and Exchange Commission (SEC) adopted amendments to Rule 15c2-11 under the Securities Exchange Act of 1934. Rule 15c2-11 governs the publication of quotations for securities in a quotation medium other than a national securities exchange — over-the-counter (OTC) securities, in particular.

Ally Law on new securities laws

Among other matters, the amendments require information about issuers to be current and publicly available for broker-dealers to quote their securities in the OTC market; narrow reliance on certain exceptions from the requirements of Rule 15c2-11, including the piggyback exception; add new exceptions for the quotations of securities that may be less susceptible to fraud and manipulation; and remove obsolete provisions.

The amendments became effective on December 28, 2020. Broker-dealers and other market participants will be required to comply with the amended Rule commencing on September 28, 2021.

Click here to read the full Legal Alert published by Ally Law member firm Phillips Nizer LLP.

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