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Posted On: 12/04/2020 9:16:18 AM
Post# of 4861
I haven't posted in some time but I still read all posts.
The following is from the Federal Register about the new rule 15c2-11.
It's way too much to post here. I've added the link below.
Could this have an effect on Univec's future? Comments?
SUMMARY:
The Securities and Exchange Commission (the “SEC” or the “Commission”) is adopting amendments to Rule 15c2-11 (the “Rule”) under the Securities Exchange Act of 1934 (the “Exchange Act”), which governs the publication of quotations for securities in a quotation medium other than a national securities exchange, i.e., over-the-counter (“OTC”) securities. The amendments are designed to modernize the Rule, 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.
DATES:
Effective date: December 28, 2020. Compliance date: The compliance dates are discussed in Part II.P of this release.
P. Compliance Date
The Commission is providing a compliance date that is nine months after the effective date of the amended Rule, except for the compliance date for paragraph (b)(5)(i)(M) of the amended Rule. The compliance date for paragraph (b)(5)(i)(M) of the amended Rule is two years after the effective date of the amended Rule.[535]
After considering the comments received regarding the transition period for compliance with the amended Rule's provisions,[536] the Commission believes that these compliance dates will provide sufficient time for broker-dealers to prepare to comply with the amended Rule, including by creating or updating any necessary systems or internal measures, such as training modules, and to develop and update any necessary policies and procedures, as appropriate, to achieve compliance with the amended Rule. The Commission further believes that these compliance dates provide sufficient time for qualified IDQSs and registered national securities associations to implement technological or other changes that they determine to make in light of the amended Rule.
The Commission recognizes that there are market participants who are concerned about the loss of a quoted market for certain securities as a result of the amended Rule and that such market participants may wish to seek relief from the provisions of the amended Rule. The Commission encourages such persons to submit relief requests expeditiously during the nine-month transition period. The Commission notes, however, that it will consider relief requests at any time, including after the nine-month transition period.
On and after the nine-month transition period, broker-dealers that publish or submit quotations in a quotation medium, qualified IDQSs that make known to others certain broker-dealer quotations and make certain publicly available determinations, and registered national securities associations that make certain publicly available determinations would be required to comply with the amended Rule when they perform those activities. The Commission staff intends to offer assistance and support to covered entities during the transition period and thereafter, with the aim of helping to ensure that the investor protections and other benefits of the amended Rule are implemented in an efficient and effective manner.
What Is an Interdealer Quotation System (IQS)?
An interdealer quotation system (IQS) is a system for organizing the dissemination of price quotes and other securities information by broker and dealer firms. IQSs are intended to provide investors with timely and relevant information on which to base their investment decisions.
In the United States, the National Association of Securities Dealers Automatic Quotation (Nasdaq), Nasdaq Small Cap Market, and the Over-The Counter Bulletin Board (OTCBB) exchange platforms are integrated into one IQS. By using this system, investors have access to a wide range of securities, ranging from blue-chip companies to micro-caps.
https://www.federalregister.gov/documents/202...nformation
The following is from the Federal Register about the new rule 15c2-11.
It's way too much to post here. I've added the link below.
Could this have an effect on Univec's future? Comments?
SUMMARY:
The Securities and Exchange Commission (the “SEC” or the “Commission”) is adopting amendments to Rule 15c2-11 (the “Rule”) under the Securities Exchange Act of 1934 (the “Exchange Act”), which governs the publication of quotations for securities in a quotation medium other than a national securities exchange, i.e., over-the-counter (“OTC”) securities. The amendments are designed to modernize the Rule, 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.
DATES:
Effective date: December 28, 2020. Compliance date: The compliance dates are discussed in Part II.P of this release.
P. Compliance Date
The Commission is providing a compliance date that is nine months after the effective date of the amended Rule, except for the compliance date for paragraph (b)(5)(i)(M) of the amended Rule. The compliance date for paragraph (b)(5)(i)(M) of the amended Rule is two years after the effective date of the amended Rule.[535]
After considering the comments received regarding the transition period for compliance with the amended Rule's provisions,[536] the Commission believes that these compliance dates will provide sufficient time for broker-dealers to prepare to comply with the amended Rule, including by creating or updating any necessary systems or internal measures, such as training modules, and to develop and update any necessary policies and procedures, as appropriate, to achieve compliance with the amended Rule. The Commission further believes that these compliance dates provide sufficient time for qualified IDQSs and registered national securities associations to implement technological or other changes that they determine to make in light of the amended Rule.
The Commission recognizes that there are market participants who are concerned about the loss of a quoted market for certain securities as a result of the amended Rule and that such market participants may wish to seek relief from the provisions of the amended Rule. The Commission encourages such persons to submit relief requests expeditiously during the nine-month transition period. The Commission notes, however, that it will consider relief requests at any time, including after the nine-month transition period.
On and after the nine-month transition period, broker-dealers that publish or submit quotations in a quotation medium, qualified IDQSs that make known to others certain broker-dealer quotations and make certain publicly available determinations, and registered national securities associations that make certain publicly available determinations would be required to comply with the amended Rule when they perform those activities. The Commission staff intends to offer assistance and support to covered entities during the transition period and thereafter, with the aim of helping to ensure that the investor protections and other benefits of the amended Rule are implemented in an efficient and effective manner.
What Is an Interdealer Quotation System (IQS)?
An interdealer quotation system (IQS) is a system for organizing the dissemination of price quotes and other securities information by broker and dealer firms. IQSs are intended to provide investors with timely and relevant information on which to base their investment decisions.
In the United States, the National Association of Securities Dealers Automatic Quotation (Nasdaq), Nasdaq Small Cap Market, and the Over-The Counter Bulletin Board (OTCBB) exchange platforms are integrated into one IQS. By using this system, investors have access to a wide range of securities, ranging from blue-chip companies to micro-caps.
https://www.federalregister.gov/documents/202...nformation
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