there is a stock in otc pink market :stpfq. i have some of them. when i sell covered call via web, the order was rejected ,the broker say anyone can only buy option to close their position , is it legal in usa security law?
Yes, this is legal in usa security law. When this stock was delisted from the NYSE, existing options are traded closing only (except for a market maker facilitating an order.) Here is the link to the CBOE memo https://www.cboe.org/publish/regcir/rg13-142.pdf