FINRA adopted an electronic version of Form 211 that firms must fill out to demonstrate compliance with Exchange Act Rule 15c2-11, which generally prohibits a broker-dealer from publishing quotations for non-listed securities unless it has gathered and reviewed certain required information about the issuer and such security, and has a reasonable basis for believing that such information is accurate. FINRA Rule 6432 provides that "no member shall initiate or resume quotations in a non-exchange-listed security unless the member demonstrates compliance [with Exchange Act Rule 15c2-11]."
Previously, FINRA accepted Form 211 filings in paper form. Beginning on September 11, 2017, firms may submit Form 211 in electronic form. On October 23, 2017, FINRA will no longer accept paper Form 211 submissions.
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