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Understanding the September 28 Amended Rule 15c2-11 Deadline
Understanding the September 28 amended Rule 15c2-11 Amendments

As the summer of 2021 enters its final months, investors in the U.S. over-the-counter market and OTC issuers themselves await the rollout of the amended Securities and Exchange Commission (“SEC”) Rule 15c2-11 on September 28. The rule is vital to the penny stock market: no OTC security can begin trading until a market maker sponsors it by filing a Form 211 with the Financial Industry Regulatory Authority (“FINRA”). Once the form is processed, the sponsoring market maker can request a trading symbol and begin to quote the stock. For 30 days, he has exclusive rights to market making in that issue; subsequently, additional market makers may join in without filing their own Forms 211. That is known as the Piggyback Exception.