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The Expert Market is a subset of the Over The Counter (OTC) market...

OTC Markets 15c2-11 Resource Center

Q: How will the amendments to Rule 15c2-11 change the OTC market?

A: Effective September 28, 2021, the Rule requires that current information about an issuer be publicly available for a security to become quoted initially and remain quoted on an ongoing basis, subject to certain limited exceptions. Quotations submitted on an “unsolicited” basis will still be permitted under the amended Rule for securities in certain OTC Markets tiers, but insiders and affiliates will be subject to additional limitations discussed below.

Q: How are the OTC Markets tiers changing?

A: OTC Markets is reclassifying certain issuers in its various market tiers in accordance with the Rule.
* No change is anticipated for securities that remain classified in the OTCQX, OTCQB, or Pink Current market tiers.
* Many stocks are being moved to the Pink Limited and Expert Tier and designated by OTC Markets as “unsolicited quotes only.” Clients can close these positions by placing orders online. Opening orders in these positions cannot be accepted online or by phone.
* No public quotations are permitted for securities classified in the Grey market tier.

What is the Expert Market?

The Expert Market is a market tier that serves broker-dealer pricing and best execution needs in securities that are restricted from public quoting or trading. OTC Markets Group designates certain securities for quoting on the Expert Market based on a lack of issuer disclosure and other security attributes. Quotes on the Expert Market are unsolicited only and distribution of Expert Market quotations is limited to broker-dealers and other professional and sophisticated investors.

Information for Pink Companies

If OTC Markets Group is not able to confirm that a company is publishing current information, either to the SEC, the company’s home country regulator, or directly to OTC Markets Group, the company may no longer be eligible for public quoting as of September 28, 2021. After that date, companies that seek to commence or resume a public, broker-dealer quoted market must undergo an initial information review in accordance with Rule 15c2-11.

The required initial information review will be incorporated into the normal application process for companies applying to our OTCQX and OTCQB markets. Guidelines on the OTCQX and OTCQB application process are available here.

How to become quoted on the Pink Market

The Pink Market is broker quoted, and companies seeking to begin or resume being the subject of broker-dealer proprietary quotes on the Pink market should work directly with a broker-dealer to submit a Form 211 with FINRA. To maintain an ongoing public quote, these companies will still need to provide current public disclosure on an ongoing basis, either through the SEC, the company’s home country regulator, or our OTC Disclosure & News Service.

At this time, OTC Markets is only performing Initial Reviews for companies applying to OTCQX and OTCQB.