Coin Citadel (CCTL)

[DawgTrading]

Finding some more info...

https://www.sec.gov/rules/final/2020/33-10842.pdf

In addition, the amended Rule modifies the “piggyback” exception, which allows a
broker-dealer to rely on the quotations of another broker-dealer that initially complied with the information review requirement.19 The amended Rule permits broker-dealers to rely on the piggyback exception based on at least a one-way priced quotation, so long as there are no more than four business days in succession without a quotation,20 and prohibits reliance on the exception if the issuer of the security is a shell company after a certain prescribed period or was the subject of a trading suspension order issued by the Commission until 60 calendar days after the expiration of such order.21 The exception also now requires issuer information to be, depending on the regulatory status of the issuer, one of the following: (1) current and publicly available, as defined by the amended Rule; (2) timely filed (i.e., filed by the prescribed due date for a report or statement as required by an Exchange Act or Securities Act reporting obligation); or (3) filed within 180 calendar days from a specified period. The exception also now includes a grace period that permits broker-dealers to continue quoting the securities for a limited period of up to 15 calendar days once a qualified IDQS or register national securities association makes a publicly available determination that issuer information is no longer current and publicly available, timely filed, or filed within 180 calendar days from the applicable specified time frame. The piggyback exception no longer requires that there be quotations on each of at least 12 days within the previous 30 calendar days to establish piggyback eligibility

18 These exceptions are the exchange-traded security exception, the municipal security exception, the “piggyback” exception, and the exception for the highly liquid securities of well-capitalized issuers. See Amended Rule 15c2-11(f)(7).

19 See Amended Rule 15c2-11(f)(3). Once the requirements of this exception are met, a broker-dealer can “piggyback” on either its own or other broker-dealers’ previously published quotations