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== Quotation eligibility ==
The SEC requires broker-dealers to comply with Exchange Act Rule 15c2-11 before displaying quotes on OTC securities,<ref name=":0">{{Cite web|title=SEC.gov {{!}} SEC Proposes Amendments to Enhance Retail Investor Protections|url=https://www.sec.gov/news/press-release/2019-189|access-date=2020-09-06|website=www.sec.gov}}</ref> and requires submission of Form 211 to the [[Financial Industry Regulatory Authority|FINRA]] OTC Compliance Unit.<ref>{{Cite web|title=OTCBB Forms & Documentation {{!}} FINRA.org|url=https://www.finra.org/filing-reporting/otcbb/otcbb-forms-documentation|access-date=2020-09-06|website=www.finra.org}}</ref> In 2019, amendments were proposed to 15c2-11, which had not been significantly amended since 1991.<ref name=":0" />
FINRA Rule 6500<ref>{{Cite web|title=6500. OTC BULLETIN BOARD® SERVICE {{!}} FINRA.org|url=https://www.finra.org/rules-guidance/rulebooks/finra-rules/6500|access-date=2020-09-06|website=www.finra.org}}</ref> contains rules on quoting OTC securities on the OTCBB, but the OTCBB has diminished in importance and by 2016 less than 2% of OTC trades occurred on the OTCBB, as opposed to OTC Markets.<ref name=":1">{{Cite web|last=|first=|date=|title=FINRA Regulatory Notice: Display Facility for Quotations in OTC Equity Securities|url=https://www.finra.org/sites/default/files/notice_doc_file_ref/Regulatory-Notice-16-34.pdf|url-status=live|archive-url=https://web.archive.org/web/20160910001706/http://www.finra.org/sites/default/files/notice_doc_file_ref/Regulatory-Notice-16-34.pdf|archive-date=2016-09-10|access-date=|website=|publisher=FINRA}}</ref> In 2014, FINRA proposed to remove Rule 6500 and eliminate the OTCBB, but withdrew the rule and in 2016 proposed to update the OTCBB to provide a backup system in case quotation is disrupted or nonexistent.<ref name=":1" />
Other FINRA rules such as Rule 6432 and Rule 5250 relate to the SEC Rule 15c2-11; for example, Rule 5250 prohibits market makers from receiving compensation from issuers.<ref>{{Cite web|title=OTC Markets Issues Comment Letters On FINRA Rules 6432 And 5250; The 15c2-11 Rules {{!}} LawCast.com|url=http://lawcast.com/2018/03/20/otc-markets-issues-comment-letters-on-finra-rules-6432-and-5250-the-15c2-11-rules/|access-date=2020-09-06|language=en-US}}</ref>
== Risks and regulation ==
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