SEC censures OTC Link and orders a $575,000 penalty over systems policies
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The Securities and Exchange Commission censured OTC Link LLC and ordered a $575,000 civil penalty in a settled systems-compliance case on Tuesday.
The record is long.
The order covers August 2016 through March 2025. It says the broker-dealer lacked required written policies for system security, access control, vulnerability testing and remediation at OTC Link ATS.
One access-control policy remained in draft form after examination staff cited it in 2016, 2019 and 2022, and the order says it had not been formally established as of fiscal 2023. The firm retained outside compliance consultants in 2024 and established additional policies after March 2025.
OTC Link consented without admitting the findings, except the SEC's jurisdiction. The order requires payment within 14 days and does not identify an outage, intrusion or investor loss.

