Series 28: OTC Equity Securities

Taken from our Series 28 Online Guide

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OTC Equity Securities

FINRA may also review OTC transactions if their price exceeds certain thresholds. Should it declare an OTC transaction null and void, it must do so by 3:00 p.m. ET on the next trading day. The threshold price for an OTC equity transaction to be found clearly erroneous is as follows.

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Reference Price

Numerical Guidelines (Subject Transaction’s Percent Difference from the Reference Price)

$0.9999 and under

20%

$1.0000 to $4.9999

Low end of range minimum 20%–High end of range minimum 10%

$5.00 to $74.9999

10%

$75 to $199.9999

Low end of range minimum 10%–High end of range minimum 5%

$200 to $499.9999

5%