It was NEVER proposed that the new Rule 15c2-11 would be adopted in 60 days. That's just the length of the comment period.
The rule in question is a proposed rule. The SEC will consider the comments and write a final rule, or perhaps not write a final rule. There could be a second proposed rule, for example, and a reopened comment period.
The SEC has tried to revise Rule 15c2-11 before, in 1998 and 1999. The amendments proposed in 1998 were attacked by just about everyone, so the SEC tried again a year later, with the same result. Broker-dealers, issuers, attorneys and more hated it. But the rule does need modification; it was last changed in 1991. So nothing in the current version addresses the financial industry's increased reliance on computers, or the appearance of Edgar (It was in the works at the time, but the first public filings wouldn't be made for a few more years), or the rise of the Internet and the discount brokerages, which changed the OTC landscape completely.
So it's past time the rule was rewritten, but I don't know if this version will work. So far, every single comment letter is from an individual or very small investment firm, and all of them oppose adoption of the proposed rule. Why? Because they have large investments in "hidden gem" stocks. Okay, some of the authors do name the stocks in question, and they have done well. And there're more like them. They're public, but dark by OTC Markets' standards, because management isn't interested in a lot of trading.
However, none of that should be a problem, as long as the companies make disclosure at their websites or in some other way available to the public at no charge. The commenters don't actually seem to have read the proposed rule with any attention.
But my guess is that the new rule won't become effective till sometime next year, if it isn't rejected once again.
