Regulatory Notice 12-37

SEC Approves Amended Minimum Quotation Sizes for OTC Equity Securities on a Pilot Basis


Effective Date: November 5, 2012

Executive Summary

The SEC approved amendments to FINRA Rule 6433 (Minimum Quotation Size Requirements for OTC Equity Securities) to simplify the existing tier structure, facilitate the display of customer limit orders pursuant to FINRA Rule 6460 (Display of Customer Limit Orders), and expand the scope of the rule to encompass quotations displayed by non-market makers. FINRA will implement the new quotation sizes as a one-year pilot beginning on November 5, 2012, and ending on October 31, 2013, unless extended or made permanent.


Questions regarding this Notice should be directed to Racquel Russell, Assistant General Counsel, Office of General Counsel, at (202) 728-8363.


The implementation date has been delayed until November 12, 2012.