If an OTC security has been quoted during the past 30 calendar days, and during those 30 days the OTC security was quoted on at least 12 days without more than four consecutive business days without quotations, then a subsequent broker-dealer may “piggyback” off of this previous quotation and does not need to meet the requirements of Rule 15c2-11 (which we describe below). The exception assumes that regular and frequent quotations for an OTC security generally reflect market supply and demand and are based on independent and informed decisions
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