OTC Markets September 24, 2020
For some time OTC markets has petitioned the SEC to allow them to essentially perform the duties of a market maker in collecting data and submitting a form 211 application to FINRA to obtain a stock symbol for a new company.
Last week, the SEC published its final amendments to Exchange Act Rule 15c2-11, which governs the public quoting of securities traded on the OTCQX, OTCQB and Pink markets.
The Rule recognizes OTC Markets Group’s disclosure standards and the current, public disclosure provided by companies on our OTCQX and OTCQB markets and in our Pink Current market designation. Under the Rule, the securities on these markets can continue to be the subject of public broker-dealer quotations. The Rule also restricts public quoting in companies that do not provide current public information and under certain other circumstances.
We’ll be following this very closely and issuing updates on the Process and Documentation required over the next 60 days when the rule goes effective