SEC Censures OTC Link LLC for Repeated Compliance Failures Related to Regulation SCI

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The U.S. Securities and Exchange Commission announced that it censured New York-based broker dealer OTC Link LLC and ordered it to pay a $575,000 civil penalty for violations of Regulation Systems Compliance and Integrity (SCI). According to the SEC's settled order, between August 2016 and March 2025, OTC Link LLC failed to establish, maintain, and enforce certain written policies and procedures required by Regulation SCI for OTC Link ATS, including those pertaining to system security, access control, and application vulnerability management, testing, and remediation, and the order finds violations of Rules 1001(a)(1), 1001(a)(2), and 1001(a)(3) of Regulation SCI. The order states that Division of Examinations staff had flagged these deficiencies during several examinations, but OTC Link LLC repeatedly failed to promptly remediate them. Without admitting the findings, OTC Link LLC agreed to a cease-and-desist order, a censure, and the $575,000 civil penalty.

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