the continuing saga of updated reporting requireme
Post# of 9144
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Posted On: 03/26/2021 4:14:52 AM
the continuing saga of updated reporting requirements by Sept 28 (is the date now).
the modifications to the 15(2)c11 whatever rule previously indicated the limited info category would be essentially eliminated except for undisclosed limited exceptions.
now some language indicating the 'limited info' category may remain- no promises because elsewhere they imply they will require 'current info' on a continuous basis.
'limited info' category has historically meant one of two choices- either provide limited financial information on a quarterly basis or provide something at or meaningfully close to current information every 6 months. Cost of otc news and disclosure service (as otc calls their publication of company filings)for such category has been 3000.
Cost of such otc news service for current companies has been 4250 per year.
The quarterly attorney letter for the pink current category means a SEC qualified attorney has analyzed the company provided info in light of the rules re what qualifies as current info and that such company provided info meets the standards of the rules for sufficient current info.
Companies have until June 30 to provide the necessary info as explained in the last paragraph of the cite below or else be removed from the quote system( i.e. be relegated to the grey ' expert' market if they dont satisfy the requirements-see my previous posts on this.
There are no requirements at the pink level for revenue, # of stock holders, market cap, assets etc.(except otc might mark a company with few assets as a 'shell company' on that companies otc page). Merely that the company report the revenue etc as is.
https://www.otcmarkets.com/corporate-services...0Companies
the modifications to the 15(2)c11 whatever rule previously indicated the limited info category would be essentially eliminated except for undisclosed limited exceptions.
now some language indicating the 'limited info' category may remain- no promises because elsewhere they imply they will require 'current info' on a continuous basis.
'limited info' category has historically meant one of two choices- either provide limited financial information on a quarterly basis or provide something at or meaningfully close to current information every 6 months. Cost of otc news and disclosure service (as otc calls their publication of company filings)for such category has been 3000.
Cost of such otc news service for current companies has been 4250 per year.
The quarterly attorney letter for the pink current category means a SEC qualified attorney has analyzed the company provided info in light of the rules re what qualifies as current info and that such company provided info meets the standards of the rules for sufficient current info.
Companies have until June 30 to provide the necessary info as explained in the last paragraph of the cite below or else be removed from the quote system( i.e. be relegated to the grey ' expert' market if they dont satisfy the requirements-see my previous posts on this.
There are no requirements at the pink level for revenue, # of stock holders, market cap, assets etc.(except otc might mark a company with few assets as a 'shell company' on that companies otc page). Merely that the company report the revenue etc as is.
https://www.otcmarkets.com/corporate-services...0Companies
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