Regulatory Alerts2026-03-16
SEC Proposes Amendments to Exchange Act Rule 15c2-11
The Securities and Exchange Commission has proposed amendments to Exchange Act Rule 15c2-11 that restrict the regulation’s scope exclusively to equity securities. These changes clarify information gathering and review obligations for broker-dealers publishing quotations or maintaining continuous quoted markets in the over-the-counter sector. The proposal aims to prevent manipulative and fraudulent trading schemes while tailoring regulatory requirements to the specific asset class, with a 60-day public comment period following Federal Register publication.
Press Release
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
Resources
Proposed Rule
Fact Sheet
Submit Public Comment