OTC Markets Group Inc. (the "Group") recently announced significant changes to its OTCQB marketplace. These changes, which began to take effect on May 1, 2014, are intended to align the OTCQB more closely with venture stage markets focused on smaller growth and developing stage companies.Previously, securities were eligible for quotation on the OTCQB market if, among other things, the issuer was a registrant with the Securities and Exchange Commission (the "SEC") or the Federal Deposit Insurance Corporation (the "FDIC") and an SEC registered broker-dealer filed a Form 211 with the Financial Industry Regulatory Authority ("FINRA"). Once the new changes are implemented, issuers seeking to trade on OTCQB will be required to meet a new bid price test (of $0.01), file an application with the Group, pay an initial application fee and an annual listing fee, and submit an annual OTCQB Certification signed by the CEO or CFO. In addition, and for the first time, securities of international reporting companies that trade on a qualified foreign exchange (including the Toronto Stock Exchange, the TSX Venture Exchange and the Canadian Securities Exchange) and that are eligible for the SEC's 12g3-2(b)...
Clark Wilson LLP Appointed To Act As A PAL (Principal American Liaison) And A DAD (Designated Advisor For Disclosure) On The OTC Market Groups OTCQX And OTXQB
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