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FollowingThe U.S. Securities and Exchange Commission has settled OTC Link for multiple violations of the System Compliance and Integrity Regulations
On September 22, 2026, the U.S. Securities and Exchange Commission (SEC) announced that it had reached a settlement agreement with OTC Link to deal with its multiple violations of the System Compliance and Integrity Regulations (Regulation SCI). The settlement stems from the SEC's discovery over the years of persistent flaws in OTC Link's controls and compliance.
SEC details control failures
Based on information disclosed by the SEC, OTC Link failed to maintain adequate written policies and procedures to cover aspects such as system security, access control and vulnerability management between August 2016 and March 2025. Regulators pointed out that these failures included insufficient documentation, incomplete remediation activities and inadequte access control protocols.
As a subsidiary of OTC Markets Group and a registered Alternative Trading System (ATS), OTC Link agreed to accept censure and pay a civil penalty of US$575,000 as part of the settlement. The company did not acknowledge or deny the SEC's findings.
OTC Link accepted the penalty and condemnation from the SEC and agreed to reach a settlement without recognizing or denying the investigation's conclusions. These survey conclusions cover nearly nine years of operational reviews and compliance inspections.
The SEC's actions focused on the lack of appropriate internal safeguards and the failure to implement routine testing processes necessary for market systems regulated by SCI.
Background: What is the System Compliance and Integrity Regulation?
The System Compliance and Integrity Regulations (Regulation SCI) is a regulatory framework introduced by the SEC in 2014. The framework aims to strengthen the technical infrastructure and operational security of U.S. securities markets by requiring entities to establish strict controls over their trading systems, including written policies, testing, and proactive remediation of security breaches.
The importance of written procedures
The resilience of a trading system depends more than just on deploying security technology. Clearly defined responsibilities, ongoing testing, and a documented process for identified risks are critical to demonstrating that controls are effective and maintained over the long term.
The SEC's findings focused only on compliance oversight. There is no evidence or assertion that these deficiencies resulted in transaction losses or had an impact on specific customers. Therefore, this settlement should not be interpreted as a confirmation that a data breach occurred or customer damage occurred.
Implications for investors
Regulatory enforcement actions can reveal weaknesses within trading platforms, but this does not necessarily mean that all customer transactions are affected. In this case, investors are advised to consider the relevant time frame, the types of behaviors involved, and the specific remedies imposed.
The $575,000 fine imposed on OTC Link is a regulatory sanction based on compliance shortcomings-it is not compensation for individual customers or transactions. This action reminds us that the integrity of market infrastructure depends on continued internal controls, regardless of transaction volume or transaction volume.
SEC的案例凸显了企业的合规记录如何影响其在市场中的地位，并强调了对所有注册交易系统保持持续运营监督的期望。
