The U.S. Securities and Exchange Commission proposed amendments to Exchange Act Rule 15c2-11 to limit the rule’s scope to equity securities, clarifying the regulatory obligations for broker-dealers that publish quotations for, or maintain a continuous quoted market in, over-the-counter securities. Rule 15c2-11 sets information-gathering and review requirements intended to address manipulative and fraudulent trading schemes in OTC equity markets. The proposal would revise the rule text to refer only to equity securities, reflecting the SEC’s stated view that the rule was always understood to apply to equities. The proposing release is available on SEC.gov and will be published in the Federal Register, with comments due within 60 days after Federal Register publication.
U.S. Securities & Exchange Commission 2026-03-16
U.S. Securities and Exchange Commission proposes amending Rule 15c2-11 to clarify it applies only to OTC equity securities
The U.S. Securities and Exchange Commission proposed amendments to Exchange Act Rule 15c2-11, limiting its scope to equity securities. This aims to clarify broker-dealer obligations in over-the-counter markets and aligns with the SEC's view that the rule was intended for equities.