Publication or Submission of Quotations Without Specified Information

The Securities and Exchange Commission is proposing amendments to Rule 15c2-11 under the Securities Exchange Act of 1934, which sets out certain information gathering and review requirements for brokers and dealers that publish quotations for, or maintain a continuous quoted market in, securities in the over-the-counter (“OTC”) market. Since its adoption, Rule 15c2-11’s focus has been on preventing certain manipulative and fraudulent trading schemes in the OTC equity markets. The proposed amendments would revise Rule 15c2-11 to refer to only equity securities.