The Securities and Exchange Commission (the "SEC" or the "Commission") is adopting amendments to Rule 15c2-11 (the "Rule") under the Securities Exchange Act of 1934 (the "Exchange Act"), which governs the publication of quotations for securities in a quotation medium other than a national securities exchange, i.e., over-the- counter ("OTC") securities. The amendments are designed to modernize the Rule, promote investor protection, and curb incidents of fraud and manipulation by, among other things: Requiring information about issuers to be current and publicly available for broker-dealers to quote their securities in the OTC market; narrowing reliance on certain exceptions from the Rule's requirements, including the piggyback exception; adding new exceptions for the quotations of securities that may be less susceptible to fraud and manipulation; removing obsolete provisions; adding new definitions; and making technical amendments.