SEC Extends Penny Stock Warning Rule With No Changes
Published Date: 6/3/2026
Notice
Summary
The SEC wants to keep protecting investors from tricky penny stock sales by extending the rules that make brokers share important warnings before selling these risky stocks. About 162 broker-dealers must keep records and wait two days before making a sale, helping customers make smarter choices. This extension keeps the rules in place with no new costs or changes, so everyone stays safe and informed.
Analyzed Economic Effects
5 provisions identified: 3 benefits, 2 costs, 0 mixed.
Must give penny-stock disclosure
Rule 15g-2(a) requires a broker-dealer to give you a penny stock disclosure document containing the information in Schedule 15G and to get your signed and dated acknowledgement before making your first penny stock transaction.
Two-business-day waiting rule
Rule 15g-2(b) bars a broker-dealer from making a penny stock sale for your account less than two business days after the broker sends you the penny stock disclosure document.
Three-year acknowledgement recordkeeping
Rule 15g-2(c) requires broker-dealers to keep a copy of a customer's written acknowledgement for at least three years after the disclosure was provided, with the first two years kept in an accessible place.
Estimated compliance time burden
The Commission estimates about 162 broker-dealers engage in penny stock transactions, each averaging 156 new penny-stock customers per year; aggregate annual burdens are listed as 421.2 hours (mailing for 81 firms), 210.6 hours (electronic delivery for 81 firms), 842.4 hours (recordkeeping for 162 firms), and 210.6 hours (additional information mailing).
Customers can request extra info
Rule 15g-2(d) requires a broker-dealer, upon a customer's request, to provide a copy of certain information from the Commission's website; the SEC estimates about 25% of customers (39 per year per firm) request this information.
Your PRIA Score
Personalized for You
How does this regulation affect your finances?
Sign up for a PRIA Policy Scan to see your personalized alignment score for this federal register document and every other regulation we track. We analyze your financial profile against policy provisions to show you exactly what matters to your wallet.
Key Dates
Department and Agencies
Related Federal Register Documents
2026-12163 — The Trade-Through Rule and Locked and Crossed Markets Provisions of Regulation NMS
The SEC wants to scrap some old rules that stop stocks from being traded at worse prices and prevent confusing market quotes. This change affects stock traders and exchanges, aiming to simplify trading and possibly speed things up. If you want to share your thoughts, you’ve got until August 17, 2026, so don’t miss out!
2026-10373 — Registered Offering Reform
The SEC wants to make it easier and cheaper for more companies to sell their stocks and bonds to the public. They’re opening up special forms and benefits to more businesses, updating rules to be more modern, and cutting red tape by overriding some state rules. If you’re a company planning to raise money, these changes could speed things up and save you money, with feedback due by July 27, 2026.
2026-10222 — Enhancement of Emerging Growth Company Accommodations and Simplification of Filer Status for Reporting Companies
The SEC is making it easier for companies that report their finances by simplifying their categories into just two groups: big and small filers. Smaller companies, including emerging growth ones, will get more time to file reports and enjoy simpler rules, while big companies keep stricter standards. These changes aim to save time and money, with feedback open until July 20, 2026.
2026-07651 — Concept Release on Consolidated Audit Trail and Other Audit Trails and Data Sources
The SEC wants your thoughts on how it tracks stock market trades using the Consolidated Audit Trail and other data tools. They’re thinking about updating rules to keep up with new tech, privacy, and security needs, and to make sure the system is fair and cost-effective. If you’re involved in the stock market or data tracking, speak up by June 22, 2026!
2026-14525 — Self-Regulatory Organizations; ICE Clear Credit LLC; Order Approving Proposed Rule Change Relating to the Operational Risk Management Framework
ICE Clear Credit LLC (ICC), which helps manage credit swap contracts, is updating its plan to handle operational risks—like system glitches or process hiccups—that could mess up their work. The Securities and Exchange Commission gave the thumbs-up to these changes, which aim to make ICC’s operations smoother and safer without costing extra money. This update kicks in soon, helping ICC keep things running without a hitch for everyone involved.
2026-14528 — Self-Regulatory Organizations; Financial Industry Regulatory Authority, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend the FINRA Rule 6300 Series (Trade Reporting Facilities) To Extend the Trade Reporting Facilities Operating Hours to 23 Hours Per Day, Five Days Per Week
FINRA is extending the hours when its Trade Reporting Facilities are open, now running 23 hours a day, five days a week, from Sunday night to Friday evening with a short break each night. This change helps traders report their trades almost all day, making the market more flexible and efficient. It starts right away, affecting anyone who buys or sells stocks through these facilities, with no extra costs announced.
Previous / Next Documents
Previous: 2026-11128 — Agency Information Collection Activities; Submission to the Office of Management and Budget (OMB) for Review and Approval; Comment Request; The Ocean Enterprise: A Study of US Business Activity in Ocean Measurement, Observation and Forecasting
NOAA wants to keep surveying U.S. businesses that help measure and forecast the ocean to better understand their work and value. If you’re part of these ocean-related companies, your input helps shape future ocean science and services. Comments on this info collection are open until August 3, 2026, with no new costs involved—just a quick online survey!
Next: 2026-11130 — Agency Information Collection Activities; Proposed Collection; Comment Request; Extension: Rule 31a-1
The SEC is asking for comments to keep Rule 31a-1, which requires investment companies and business development companies to keep detailed financial records. This rule helps the SEC check that these companies follow the law without extra paperwork. About 14,300 companies spend a lot of time—over 25 million hours yearly—on this, but the rule helps avoid even bigger hassles.