The SEC may invoke a trading suspension. In some cases, the SEC or an exchange may halt trading in the stock of a defunct company if the stock price appears to be manipulated or if it believes that public information about the issuer is false or misleading. When the trading suspension ends, a broker-dealer wishing to publish quotations must comply with Rule 15c2-11, which may be impossible to do in the case of a defunct company.
Requirements under Rule 15c2-11 Rule 15c2-11 provides that it is unlawful to publish any quotation for a security in any quotation medium, including the “OTC Bulletin Board” operated by the Financial Institution Regulatory Authority, Inc. (“FINRA”) or the marketplaces (OTCQX, OTCQB and OTC Pink) operated by the OTC Markets Group, unless the broker-dealer complies with the requirements listed below. Depending on the circumstances of the issuer, Rule 15c2-11 may be satisfied in one of the following five ways:
(4) the issuer must be exempt from Section 12(g) of the Exchange Act pursuant to Rule 12g3-2(b) under the Exchange Act, and the broker-dealer must make reasonably available, upon the request of an interested person, all the information furnished to the SEC during the issuer’s last fiscal year; or
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