The basis of a 15C2-11 application is intended to ensure that a market maker has adequate information and has completed adequate due diligence on an Issuer before it quotes its securities. In addition, Rule 15C2-11 requires that a market maker make such information available to the public, upon request. There are exemptions to the 15C2-11 application. One such common exemption is where another market maker has completed the 15C2-11 application process and quotes a security for 30 consecutive days. Such issuer’s securities are considered “piggyback qualified” and as such, a new market maker wising to quote the securities, may “piggyback” on a previously filed 15C2-11 application.
Inquiries of a technical nature are always encouraged. Contact Securities Attorney Laura Anthony.