Regulatory Alerts2021-01-12 | 2020-28700Added · Updated
Notice of Proposed Conditional Exemptive Order Granting a Conditional Exemption From the Information Review Requirement and the Recordkeeping Requirement Under the Securities Exchange Act of 1934 for Certain Publications or Submissions of Broker-Dealer Quotations on an Expert Market
The Securities and Exchange Commission proposes a conditional exemptive order to allow broker-dealers to publish or submit proprietary quotations on the OTC Markets Group's Expert Market without complying with the information review and recordkeeping requirements of Amended Rule 15c2-11. This relief is granted subject to strict safeguards ensuring that quotations are distributed exclusively to sophisticated or professional investors and are not accessible to the general public. The proposal requires market data distributors to adhere to contractual restrictions and mandates that OTC Link LLC implement policies to surveil data usage and prevent unauthorized public display of the quotes.
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