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B-332653 1 (2020-11-12)

handle is hein.gao/gaobaecbm0001 and id is 1 raw text is: G A O U.S. GOVERNMENT ACCOUNTABILITY OFFICE 441 G St. N.W. Washington, DC 20548 B-332653 November 12, 2020 The Honorable Mike Crapo Chairman The Honorable Sherrod Brown Ranking Member Committee on Banking, Housing, and Urban Affairs United States Senate The Honorable Frank Pallone, Jr. Chairman The Honorable Greg Walden Ranking Member Committee on Energy and Commerce House of Representatives Subject: Securities and Exchange Commission: Publication or Submission of Quotations Without Specified Information Pursuant to section 801(a)(2)(A) of title 5, United States Code, this is our report on a major rule promulgated by the Securities and Exchange Commission (SEC) entitled Publication or Submission of Quotations Without Specified Information (RIN: 3235- AM54). We received the rule on October 7, 2020. It was published in the Federal Register as a final rule on October 27, 2020. 85 Fed. Reg. 68124. The effective date of the final rule is December 28, 2020. According to SEC, it is adopting amendments to 17 C.F.R. § 240.15c2-11 (Rule 15c2-11) under the Securities Exchange Act of 1934, ch. 404, 48 Stat. 881 (June 6, 1934), 15 U.S.C. §§ 78a-78qq (the Exchange Act), which governs the publication of quotations for securities in a quotation medium other than a national securities exchange, for example, over-the-counter (OTC) securities. SEC asserts that the amendments are designed to modernize Rule 15c2-11, promote investor protection, and curb incidents of fraud and manipulation by, among other things: requiring information about issuers to be current and publicly available for broker-dealers to quote their securities in the OTC market; narrowing reliance on certain exceptions from the Rule's requirements, including the piggyback exception; adding new exceptions for the quotations of securities that may be less susceptible to fraud and manipulation; removing obsolete provisions; adding new definitions; and making technical amendments.

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