Rule 15c2-11 Information Collection Burden Review for OTC Securities Quotations

Regulations.gov Final Notices

Published March 27th, 2026

Detected April 1st, 2026

Summary

The SEC published a 60-Day Collection Notice under the Paperwork Reduction Act requesting comments on Rule 15c2-11 information collection requirements. Rule 15c2-11 governs broker-dealer publication of OTC securities quotations. Staff estimates 1,771,343 annual burden hours affecting 196 broker-dealers, one QIDQS, and one RNSA. Comments on the collection are due June 1, 2026.

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What changed

The SEC is soliciting comments on the burden estimates associated with Rule 15c2-11 (17 CFR 240.15c2-11), which requires broker-dealers to review specified issuer information before publishing OTC securities quotations. The estimated annual burden is 1,771,343 hours. Based on FINRA data, 266 Form 211 applications were filed in 2024, including 76 for prospectus/Reg A/reporting issuers, 163 for exempt foreign private issuers, and 27 for catch-all issuers.\n\nAffected parties should submit written comments to the SEC by June 1, 2026 on whether the collection is necessary, the accuracy of burden estimates, and ways to minimize burden. Comments should be directed to Austin Gerig, Director/Chief Data Officer, via email to PaperworkReductionAct@sec.gov. This is a standard PRA notice with no new compliance obligations.

What to do next

Review SEC's burden estimates for Rule 15c2-11 information collection
Submit written comments by June 1, 2026 to PaperworkReductionAct@sec.gov if you have concerns about the estimated 1,771,343-hour annual burden
Monitor for 30-Day Submission Notice following Federal Register publication

Source document (simplified)

Content

Upon Written Request, Copies Available From: Securities and Exchange Commission, Office of FOIA Services, 100 F Street NE, Washington, DC 20549-2736

Notice is hereby given that, pursuant to the Paperwork Reduction Act of 1995 (44 U.S.C. 3501 et seq.), the Securities and Exchange Commission (SEC or “Commission”) is soliciting comments on the proposed collection of information
provided for in Rule 15c2-11 (17 CFR 240.15c2-11) (“Rule”), under the Securities Exchange Act of 1934 (15 U.S.C. 78a et seq.).

Rule 15c2-11 governs the publication of quotations for securities in a quotation medium other than a national securities exchange
(i.e., over the counter (“OTC”) securities). The Rule is designed to prevent broker-dealers from publishing or submitting quotations
for OTC securities that may facilitate a fraudulent or manipulative scheme. Subject to certain exceptions, the Rule prohibits
broker-dealers from publishing any quotation for a security or, directly or indirectly, submitting any quotation for publication,
in a quotation medium unless they have reviewed specified information concerning the issuer.

Based on the current structure of the market, the Commission staff believes that the recordkeeping and review requirements
under Rule 15c2-11 apply to 196 broker-dealers, one qualified interdealer quotation system (“QIDQS”), and one registered national
securities association (“RNSA”). Based on information provided by the Financial Industry Regulatory Authority, Inc. (“FINRA”),
the Commission staff

  understands that in the 2024 calendar year, 266 Form 211 applications were filed to initiate the publication or submission
  of quotations of OTC securities: 76 of these Forms 211 concerned OTC securities of prospectus issuers, Regulation A (“Reg.
  A”) issuers, and reporting issuers; 163 concerned OTC securities of “exempt foreign private issuers”; and 27 concerned OTC
  securities of “catch-all issuers.” The collection of information that is submitted to FINRA for review and approval is currently
  not available to the public from FINRA. Commission staff estimates that the total annual burden of the information collection
  requirements prescribed in the Rule is 1,771,343 hours.

An agency may not conduct or sponsor, and a person is not required to respond to, a collection of information unless it displays
a currently valid OMB Control Number.

Written comments are invited on: (a) whether this proposed collection of information is necessary for the proper performance of the functions of the SEC, including
whether the information will have practical utility; (b) the accuracy of the SEC's estimate of the burden imposed by the proposed
collection of information, including the validity of the methodology and the assumptions used; (c) ways to enhance the quality,
utility, and clarity of the information to be collected; and (d) ways to minimize the burden of the collection of information
on respondents, including through the use of automated, electronic collection techniques or other forms of information technology.

Please direct your written comments on this 60-Day Collection Notice to Austin Gerig, Director/Chief Data Officer, Securities
and Exchange Commission, c/o Tanya Ruttenberg via email to PaperworkReductionAct@sec.gov by June 1, 2026. There will be a second opportunity to comment on this SEC request following the
Federal Register
publishing a 30-Day Submission Notice.

Dated: March 27, 2026. Sherry R. Haywood, Assistant Secretary. [FR Doc. 2026-06242 Filed 3-31-26; 8:45 am] BILLING CODE 8011-01-P