New SEC rule

See message from TD Ameritrade below. I've written to Barnhizer.

On September 28, 2021, new amendments adopted by the U.S. Securities Exchange Commission (SEC) go into effect to enhance investor protection and improve issuer transparency. These amendments restrict the ability of market makers to publish quotations for those companies that have not made required current financial and company information available to regulators and investors.

Ahead of the regulatory enforcement date, we will only accept orders to liquidate positions (i.e. no new buy orders) starting August 13, 2021. After the amendment officially goes into effect on September 28, 2021, it may be more difficult to liquidate these securities. Quoting and market liquidity may also be very limited.

What this means for your account(s).

You are receiving this notification because you currently hold one or more of the impacted securities in your account. We're including the list below but be aware that it may not include all of your impacted securities. There is also a chance that the impacted companies could come into compliance with the regulatory requirements ahead of this date and be removed from the list. For a current list of all securities (which is subject to change), please visit www.tdameritrade.com/retail-en_us/resources/pdf/TDA101550.pdf.

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You have multiple options to consider, such as:

Take no action. You are not required to sell these securities; however, starting August 13, 2021 we will restrict these securities to liquidation-only transactions. You may continue to hold them, but you may have difficulty selling them in the future and there is no guarantee as to what their future value will be.

Place trades to liquidate. You may place trades to liquidate these securities now. Due to the uncertainly, we cannot guarantee there will be sufficient liquidity to close your position(s) in the future.

Transfer your positions to another financial institution. Other U.S. financial institutions are also impacted by this amendment so you may have difficulty transferring them out of TD Ameritrade. If you are interested in transferring the assets, please submit any outgoing transfers requests to us. (These transactions may incur fees or commissions, depending on the asset type.)

Have Questions? Need Any Help?

We're here for you. Just reply to this message to write us, or call Client Services at 800-669-3900. We're available 24 hours a day, seven days a week.

Sincerely,

TD Ameritrade Client Service


The Securities and Exchange Commission (SEC) amended Rule 15c2-11 under the Securities Exchange Act of 1934 on September 15, 2020. It regulates how broker-dealers initiate or resume pricing quotations for certain securities traded in the Over-the-Counter (OTC) market.

The list of restricted securities is subject to change at any time. You will be responsible for any trading decisions, including any tax consequences of such trades, and agree that TD Ameritrade will not be liable for any future appreciation of securities that were sold.

OTC Markets Group is a third-party financial market that provides price and liquidity information for over-the-counter traded securities. TD Ameritrade is not liable for the accuracy, errors, or omissions provided by third-party resources.

TD Ameritrade does not provide tax advice. We encourage you to speak with a tax-planning professional about your particular situation

TDA 1002296 EM 06/21