The update directly addresses SEC amendments to Rule 15c2-11 governing broker-dealer quotation and market-making activities specifically for OTC equity securities, which aligns with the Strong Yes criteria for Equities (equity trading, brokerage, and settlement).
Mandatory inheritance: Equities as the primary tag requires Investment Services as the secondary tag, as broker-dealers providing quotation and market-making services for equity securities are core investment service providers.
Specialism
The SEC's proposed amendments to Rule 15c2-11 clarify broker-dealer obligations for publishing quotations in OTC equity securities, which directly relates to market conduct regulation and preventing manipulative trading schemes.
Mandatory inheritance: Market Abuse/Market Conduct is a child of Supervision, so Supervision must be raised as the secondary tag.
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2026-03-17 11:46:48·ggallwey@vixio.com
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TITLE: United States Securities and Exchange Commission Proposes Amendments to Exchange Act Rule 15c2-11
BODY:
On March 16, 2026, the Securities and Exchange Commission (SEC) proposed amendments to Exchange Act Rule 15c2-11, which establishes information gathering and review requirements for broker-dealers that publish quotations or maintain continuous quoted markets in over-the-counter (OTC) securities.
The proposed amendments would clarify that Rule 15c2-11 applies exclusively to equity securities. Since its adoption, the rule has focused on preventing manipulative and fraudulent trading schemes in OTC equity markets. The SEC states that the amendments aim to ensure regulations are appropriately tailored to the specific asset class to which they apply. SEC Chairman Paul S. Atkins noted that the proposal would clarify regulatory obligations when publishing quotations and affirm the original intent of the rule.
The comment period will remain open for 60 days following publication of the proposing release in the Federal Register. Interested parties can submit public comments through the SEC's website. The proposing release is available on SEC.gov and will be published in the Federal Register.
REFERENCES:
Securities and Exchange Commission. "SEC Proposes Amendments to Exchange Act Rule 15c2-11." Press Release 2026-28, March 16, 2026. https://www.sec.gov/