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SEC proposes improvements to retail investor protections

  • SEC document Image

Sep 26, 2019

The SEC has issued a proposed rule, “Publication or Submission of Quotations Without Specified Information.”

The pro­posal would amend the rule in the Securities and Exchange Act of 1934 that governs “the publication of quotations for securities in a quotation medium other than a national securities exchange, i.e., over-the-counter (‘OTC’) securities.” Specifically, the proposed amendments would:

  • “[P]rovide greater transparency to investors and other market participants by requiring that information about the issuer and the security be current and publicly available.”
  • “[L]imit certain existing exceptions to the Rule to provide greater protections to retail investors.”
  • “[R]educe regulatory burdens on broker-dealers quoting certain OTC securities that may be less susceptible to potential fraud and manipulation.”
  • “[S]treamline the Rule and remove obsolete provisions without undermining the important investor protections of the Rule.”

Com­ments on the pro­posed rule are due 60 days after the date of its pub­li­ca­tion in the Federal Reg­is­ter. For more in­for­ma­tion, see the press release and pro­posed rule on the SEC’s Web site.

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