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SEC Approves Minimum Quotation Size Requirements For OTC Equity Securities

On Friday, August 18, 2000, the Securities and Exchange Commission (SEC) approved a proposed rule change by the National Association of Securities Dealers, Inc. (NASD) which relates to the minimum quotation size requirements for over-the-counter (OTC) equity securities entered into the OTC Bulletin Board service (OTCBB) or any other inter-dealer quotation system that permits quotation updates on a real-time basis (e.g. the Electronic Pink Sheets). The approved amendment to Rule 6750 establishes four additional tier sizes for OTC securities quoted at prices in excess of $200 per share, thus replacing the previously established discretionary authority of certain Nasdaq officers to modify the minimum quotation sizes for these securities.This rule does not apply to securities listed on the Nasdaq Stock Market.

This rule change shall become effective Tuesday, September 5, 2000. Upon effectiveness, all subject securities must be quoted in compliance with this rule modification and any tier size modifications granted pursuant to Nasdaq's prior discretionary authority shall be rendered immediately ineffective. Under the new rule change, the minimum quote size for shares priced between:

  • $200.01 and $500, will be 25 shares;
  • $500.01 and $1000, will be 10 shares;
  • $1000.01 and $2500, will be 5 shares; and
  • $2500.01 and up, will be 1 share.
If you have any questions regarding this rule amendment, please contact:
  • Liz Heese, Assistant Product Manager, at (202) 728-8191, or
  • Nasdaq Office of General Counsel at (202) 728-8294.

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