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ARTICLE · 18 SEPTEMBER 2020

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.

United StatesCorporate/Commercial Law
Anna T. Pinedo
Anna T. Pinedo
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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

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