Proposed Amendments to Rule 15c2-11

Amendments would limit rule’s applicability to equity securities

On March 16, 2026, the Securities and Exchange Commission (the “SEC”) proposed for comment amendments to Rule 15c2-11.  

Rule 15c2-11 is intended to promote transparency.  The rule generally requires that, subject to certain exceptions, a broker or dealer, before initiating any quotations for a security on an interdealer quotation system, gather information regarding the security and the issuer and based on its review have a reasonable basis under the circumstances to believe that information is accurate and from a reliable source.  Exceptions apply to certain activities, such as quotes relating to securities listed on a national securities exchange or unsolicited indications of interest.