United States:
FINRA Seeks Extension Of Time For The Tier Size Pilot For OTC Equity Securities
01 December 2016
Cadwalader, Wickersham & Taft LLP
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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.
The content of this article is intended to provide a general
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