Securities LawCast©- Legal & Compliance, LLC- Securities Attorneys on the OTCQB.
Laura Anthony, Esq. is a Securities Attorney and the Founding Partner of Legal & Compliance, LLC A Securities Law Firm.
Today I will continue that discussion and include the role of the “going public attorney” as we are sometimes referred to.
As previously discussed, an OTCQB listing is available for U.S. reporting issuers, International companies and bank reporting companies
Bank reporting companies must meet all the same requirements as all other OTCQB companies except for the SEC reporting requirements. Instead, bank reporting companies are required to post on the OTC Markets website, their previous two years’ and ongoing yearly disclosure that are filed with the company’s bank regulator,.
In addition to the same requirements for all issuers as previously discussed, foreign issuers must be listed on a Qualified Foreign Exchange and be compliant with SEC Rule 12g3-2(b). Also, a foreign entity must submit a letter of introduction from a qualified Principal American Liason or PAL which states that the PAL has a reasonable belief that the company is in compliance with SEC Rule 12g3-2(b), is listed on a Qualified Foreign Exchange, and has posted required disclosure on the OTC Markets website. A
foreign entity must post two years’ historical and ongoing quarterly and annual reports, in English, on the OTC Markets website.
Any company may be removed from the OTCQB if, at any time, it fails to meet the eligibility and continued quotation requirements subject to a 30-day notice and opportunity to cure. Accordingly as always details determine diligence and each OTCQB quoted entity must diligently maintain compliance with the quotation requirements.
In addition, OTC Markets Group may remove the company’s securities from trading on OTCQB immediately and at any time, without notice, if OTC Markets Group, in its sole and absolute discretion, believes the continued inclusion of the company’s securities would impair the reputation or integrity of OTC Markets Group or be detrimental to the interests of investors.
Also, OTC Markets can temporarily suspend trading on the OTCQB pending investigation or further due diligence review.
A company may voluntarily withdraw from the OTCQB with 24 hours’ notice. Securities Attorneys on the OTCQB.
Laura Anthony, Esq.
Legal & Compliance LLC.
330 Clematis Street, Ste. 217
West Palm Beach, FL 33401
Toll Free: (800) 341-2684 FREE
Local: (561) 514-0936