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Tuesday, April 04, 2023 12:56:40 PM
OTC Market (Microcap Stock) – Changes to SEC Rule 15c2-11
INTRODUCTION
On September 28, 2021, amendments to Exchange Act Rule 15c2-11 became effective. These regulatory changes prohibit broker-dealers such as IBKR from displaying or submitting quotes (i.e., bids or offers) for securities of issuers that have not met public reporting requirements. The amendments to the Rule effectively eliminate the ability of market makers to quote in OTC securities of issuers that fail to keep certain information current and make that information publicly available. We expect that this will result in a significant reduction in the liquidity of these products. Additionally, certain securities will be reclassified to the OTC “Grey Market” tier. Broker-dealers are prohibited from publishing quotes for Grey Market securities and these securities may become completely illiquid as a result.
Recent MIKP News
- Form DEF 14C - Other definitive information statements • Edgar (US Regulatory) • 11/28/2023 10:00:20 PM
- Form 10-Q - Quarterly report [Sections 13 or 15(d)] • Edgar (US Regulatory) • 11/22/2023 06:06:28 PM
- Form NT 10-Q - Notification of inability to timely file Form 10-Q or 10-QSB • Edgar (US Regulatory) • 11/14/2023 07:00:35 PM
- Form PREM14C - Preliminary information statements relating to merger or acquisition • Edgar (US Regulatory) • 11/02/2023 04:01:43 PM
- Form PRE 14C - Other preliminary information statements • Edgar (US Regulatory) • 10/04/2023 04:01:33 PM
- Form 10-12G/A - Registration of securities [Section 12(g)]: [Amend] • Edgar (US Regulatory) • 08/23/2023 08:54:45 PM
- Form 10-Q - Quarterly report [Sections 13 or 15(d)] • Edgar (US Regulatory) • 08/22/2023 06:10:15 PM
- Form NT 10-Q - Notification of inability to timely file Form 10-Q or 10-QSB • Edgar (US Regulatory) • 08/14/2023 01:07:41 PM
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