In Notice 2011-19, the IRS provided guidance on when securities of an employer are readily tradable on an established securities market or readily tradable on an established market for purposes of certain Code provisions relating to employer securities held by employee stock ownership plans (ESOPs). Many ESOP provisions, such as diversification rights, are affected by whether or not employer securities are "readily tradable."

The Notice provides that a security is readily tradable on an established securities market if: (1) the security is traded on a national securities exchange that is registered under section 6 of the Securities Exchange Act of 1934; or (2) the security is both traded on a foreign national securities exchange that is officially recognized, sanctioned or supervised by a governmental authority, and is deemed by the Securities and Exchange Commission (SEC) as having a "ready market" under SEC Rule 15c3-1. A security included on the FTSE Group All-World Index, for example, is deemed to have a ready market under current SEC rules.