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Staff Statement on the Proposed Expert Market

Division of Trading and Markets Staff

Aug. 2, 2021

On December 22, 2020, the Commission issued notice of and requested comment on a proposed exemptive order that, if adopted, would grant a conditional exemption from Rule 15c2-11 for certain publications of broker-dealer quotations on an expert market operated by OTC Link LLC.[1]  

This proposed order is not on the Chair’s agenda in the short term. Accordingly, on September 28, 2021, the compliance date for the amendments to Rule 15c2-11, we expect that broker-dealers will no longer be able to publish proprietary quotations for the securities of any issuer for which there is no current and publicly available information, unless an existing exception to Rule 15c2-11 applies.

This statement represents the views of the staff of the Division of Trading and Markets. It is not a rule, regulation, or statement of the Securities and Exchange Commission (“Commission”). The Commission has neither approved nor disapproved its content.  This statement, like all staff statements, has no legal force or effect: it does not alter or amend applicable law, and it creates no new or additional obligations for any person.

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