OTC Markets Group has announced the publication of proposed amendments to the OTCQB Standards, which are scheduled to go into effect May 18, 2017.
Among these proposed changes, OTC Markets Group proposes the addition of new eligibility criteria for companies not required to be SEC reporting. OTC Markets Group further purposes the refining of various continued eligibility requirements and the reorganization of several sections for improved clarity.
Companies following the Alternative Reporting Standard may now become qualified for the OTCQB and will be required to make public disclosure available through the OTC Disclosure & News Service in accordance with the OTCQX and OTCQB Disclosure Guidelines, which are the same disclosure guidelines used by OTCQX companies. In addition, these Alternate Reporting Companies will have certain corporate governance requirements.
Other proposed changes relate to the timing for removing delinquent filers, revision of due dates for International Reporting filings, annual certification of good standing in the state or jurisdiction of incorporation, and the procedures for removing a company from OTCQB for bid price deficiency.
A comment period is ongoing through May 17, and those with feedback regarding the proposed changes should send their comments and questions to firstname.lastname@example.org.
The proposed rules can be read in their entirety at http://dtn.fm/4EywP