OTC Markets Group highly recommends market participants to become familiar with FINRA and SEC regulations that govern trading in securities quoted on the SEC-registered Alternative Trading System, OTC Link® ATS. The below list and the OTC Market Regulation reference document provide summaries of the applicable rules and regulations.


Rule 2000 – Business Conduct
Rule 2010 – Standards of commercial honor and principles of trade
Rule 2020 – Use of manipulative, deceptive or other fraudulent devices
Rule 4320 – Short sale delivery requirements
Rule 4560 – Short interest reporting
Rule 5210 – Publication of transactions and quotations
Rule 5220 – Offers at stated prices
IM–5220.01 – Firmness of quotations
Rule 5250 – Payments for market making
Rule 5310 – Best execution and Interpositioning
Rule 5320 – Trading ahead of customer limit orders
Rule 6431 – Recording of quotation information
Rule 6432 – Compliance with the Information Requirements of SEC Rule 15c2-11
Rule 6433 – Minimum quotation size requirements for OTC equity securities
Rule 6440 – Trading and quotation halt in OTC equity securities
Rule 6450 – Restrictions on Access Fees
Rule 6460 – Display of Customer Limit Orders
Rule 6490 – Processing of Company-Related Actions
Rule 6600 – OTC Reporting Facility
Rule 6620 – Reporting Transactions in OTC Equity Securities and Restricted Equity Securities
Rule 7400 – Order Audit Trail System (OATS)


Section 3 – Definitions and applications
Rule 3a38 – Definition of ‘Market Maker’
Rule 3a51–1 – Definition of Penny Stock
Section 17B – Automated quotation systems for Penny Stocks
Section 12 – Registration requirements for securities.
Rule 12a–8 – Exemption of Depositary Shares
Rule 12b–2 – Definitions (includes the definition of a Depositary Share)
Rule 12d2–2 – Removal from listing and registration
Rule 12g–1 – Exemption from Section 12(g)
Rule 12g3–2 – Exemptions for American Depositary Receipts and certain foreign securities
Rule 12g–4 – Certification of termination of registration
Rule 12g5–1 – Definition of securities “Held of Record”
Rule 12g5–2 – Definition of “Total Assets”
Rule 12h–3 – Suspension of 15(d) reports
Rule 12h–4 – Exemption from 15(d) reports
Rule 12h–6 – Certification by a Foreign Private Issuer regarding the termination of registration of a
class of securities under Section 12(g) or the duty to file reports under Section 13(a) or 15(d)
Rule 15c2–11 – Initiation or resumption of quotations without specific information
Rule 15g–2 – Risk disclosure document relating to the OTC Market
Rule 15g–3 – Broker or dealer disclosure of quotations and other information relating to the OTC Market
Rule 15g–5 – Disclosure of compensation of associated persons in connection with Penny Stock
Rule 15g–6 – Account Statements for Penny Stock customers
Rule 15g–9 – Sales practice requirements for certain low–priced securities
Rule 15g–100 – Schedule 15G: Information to be included in the document distributed pursuant to

For a complete list of all SEC and FINRA rules, please see:

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