Rule 15c2-11, 17 CRF 240.15c2-11 (Publication or submission of quotations without current information)
Revision of a currently approved collection
No
Regular
11/13/2026
table that charts list comparision
Requested
Previously Approved
07/31/2029
07/31/2029
1,924
1,924
1,771,341
1,771,341
0
0
Rule 15c2-11 ("Rule") under the Securities Exchange Act of 1934, as amended, governs the publication of quotations for securities in a quotation medium other than a national securities exchangeâi.e., over the counter (âOTCâ) securities. The Rule is designed to prevent broker-dealers from publishing or submitting quotations for OTC securities that may facilitate a fraudulent or manipulative scheme. Subject to certain exceptions, the Rule prohibits broker-dealers from publishing any quotation for a security or, directly or indirectly, submitting any quotation for publication, in a quotation medium unless they have reviewed specified information concerning the issuer. The Rule enhances disclosure and investor protection in the OTC market by ensuring that broker-dealers do not publish quotations for an issuerâs security when current issuer information is not publicly available, subject to certain exceptions. The Rule does not require that broker-dealers submit to the Commission the information collected pursuant to the Rule. Nor does Rule 15c2-11 require that information collected pursuant to the Rule be directly collected or stored by the Commission.
In 2026, the Commission proposed amendments to Rule 15c2-11 to clarify regulatory obligations for publishing quotations and to affirm that the rule applies to equity securities. The proposed amendments would not change the information collection requirements in the rule.
US Code:
15 USC 78o(c)(2) and 78w
Name of Law: Sections 15(c)(2) and 23(a) of the Securities Exchange Act of 1934
On behalf of this Federal agency, I certify that the collection of information encompassed by this request complies with 5 CFR 1320.9 and the related provisions of 5 CFR 1320.8(b)(3).
The following is a summary of the topics, regarding the proposed collection of information, that the certification covers:
(i) Why the information is being collected;
(ii) Use of information;
(iii) Burden estimate;
(iv) Nature of response (voluntary, required for a benefit, or mandatory);
(v) Nature and extent of confidentiality; and
(vi) Need to display currently valid OMB control number;
If you are unable to certify compliance with any of these provisions, identify the item by leaving the box unchecked and explain the reason in the Supporting Statement.
3235-0202 Supporting Statement (2026 Proposed Rule).pdf
IC10: Recordkeeping obligations of broker-dealers relying on publicly available determinations by qualified IDQSs or registered national securities associations pursuant to paragraph (d)(2)(ii)