FINRA proposed a rule change to amend FINRA Rule 6433 ("Minimum Quotation Size Requirements for OTC Equity Securities") to extend the Tier Size Pilot Program for OTC equity securities until June 9, 2017. The pilot program, which is otherwise set to expire on December 9, 2016, amends the minimum quotation sizes, or tier sizes, for over-the-counter equity securities (i.e., unlisted equity securities) depending on the price level of each quotation.
According to FINRA, the purpose of the extension is to provide the SEC and FINRA with additional time to finalize a proposal with regard to the Tier Size Pilot Program.
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