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SEC Rule 15c2-11

Requires broker-dealers to review and maintain certain current and publicly available information about an issuer before publishing quotations for that issuer’s securities in over-the-counter (OTC) markets, aiming to prevent fraud and enhance market transparency.

Rule Overview

Jurisdiction: United States

Regulator: SEC

Topic: Fraud

Overview
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Further Reading

The rule requires that, before quoting a security, broker-dealers must review and maintain current, publicly available information about the issuer, such as financial statements and disclosures about business operations and management.

This rule is designed to prevent fraud and protect investors by ensuring that securities traded in the less-regulated OTC market are backed by adequate and reliable issuer information.

Amendments to the rule in recent years have expanded the scope of required disclosures and limited exceptions to increase market transparency.

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More on SEA 1934 Rule 15c2-11
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Further Reading

FINRA OTC Quotations in Fixed Income Securities Go to https://www.finra.org/rules-guidance/guidance/reports/2025-finra-annual-regulatory-oversight-report/otc-quotations