SEC Proposes Amendments to Exchange Act Rule 15c2-11

SEC Press Releases

Published March 16th, 2026

Detected March 17th, 2026

Summary

The SEC has proposed amendments to Exchange Act Rule 15c2-11, which governs information requirements for broker-dealers quoting securities in the OTC market. The proposed changes would clarify that the rule applies only to equity securities.

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What changed

The Securities and Exchange Commission (SEC) has proposed amendments to Exchange Act Rule 15c2-11. The rule currently sets forth information gathering and review requirements for broker-dealers that publish quotations or maintain continuous quoted markets for securities in the over-the-counter (OTC) market. The proposed amendments aim to clarify that Rule 15c2-11 applies exclusively to equity securities, aligning the regulation with its intended scope and preventing potential misapplication to other asset classes.

Broker-dealers that operate in the OTC equity markets should review the proposed amendments and consider submitting public comments. The comment period will remain open for 60 days after the publication of the proposing release in the Federal Register. Failure to comply with the rule's requirements, once finalized, could result in regulatory scrutiny and potential enforcement actions.

What to do next

Review proposed amendments to Exchange Act Rule 15c2-11
Consider submitting public comments within the 60-day comment period

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Press Release

SEC Proposes Amendments to Exchange Act Rule 15c2-11

For Immediate Release

2026-28 Washington D.C., March 16, 2026 —

The Securities and Exchange Commission today proposed amendments to Exchange Act Rule 15c2-11, which sets out certain information gathering and review requirements for broker-dealers that publish quotations for, or maintain a continuous quoted market in, securities in the over-the-counter (OTC) market.

Since its adoption, Rule 15c2-11’s focus has been on preventing certain manipulative and fraudulent trading schemes in the OTC equity markets. The proposed amendments would amend Rule 15c2-11 to refer to only equity securities.

“Regulations should be appropriately tailored to fit the asset class to which they apply,” said SEC Chairman Paul S. Atkins. “This proposal would clarify regulatory obligations when publishing quotations and affirm what was always understood: Rule 15c2-11 applies to equity securities.”

The proposing release is published on SEC.gov and will be published in the Federal Register. The comment period will remain open for 60 days after the date of publication of the proposing release in the Federal Register.

Last Reviewed or Updated: March 16, 2026