SEC Seeks to Keep Collecting Info on Penny Stock Sales Rule
Published Date: 9/3/2026
Notice
Summary
No summary available.
Analyzed Economic Effects
2 provisions identified: 1 benefits, 1 costs, 0 mixed.
New Investor Protections for Penny Stocks
If you want to buy a penny stock, the broker-dealer must get your financial information, decide that penny-stock trades are suitable for you, give you a written statement, get your signed and dated copy, and wait at least two business days before making the trade. The rule requires highlighted warnings and a statement of the basis for the suitability determination and applies to transactions covered by Rule 15g-9.
Compliance Time Burden on Broker-Dealers
The SEC estimates about 162 broker-dealers engage in penny-stock transactions and each spends about 0.5 hours per new penny-stock investor, or about 78 hours per year per broker-dealer, for an aggregate estimated burden of 12,636 hours per year. The calculation is based on 3,248 registered broker-dealers as of May 1, 2026, with 5% (162) subject to Rule 15g-9 and about 156 written statements per respondent per year.
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