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The Form 211 is not only used by

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BigBake1 Member Profile BigBake1 Member Level 
Thursday, September 27, 2012 11:46:55 AM
Re: Hurricane_Rick post# 32159 Post # of 43887 
The Form 211 is not only used by those willing to quote a security as the primary sponsor but also those wanting to “PIGGYBACK” on an already sponsored security. That is why the Form 211 gives those options, yet it is not required to file another one in order to move from a non reporting status to a reporting status. If a security is already quoted they are not required to file one because they want to be listed on the QB for example after being on the OTC Link.

This was discussed last year at the SEC Microcap Roundtable about making all OTC securities go through the vetting process for a Form 211. But the MMs balked at that idea since none of them want to vet most of these securities. I cannot explain why some of these securities do things that are either not required or are required but fail to do it. Can you explain why fully reporting companies file nothing but 8K’s for years in some cases 5 years and not one Q or K? Please by all means if you can I would like to know why they feel the 8K is more than adequate disclosure.

A Form 211 is strictly for INITIAL or RESUMPTION of quotation and nothing else, FINRA has no other requirements for Form 211s.

Quote:
6432. Compliance with the Information Requirements of SEA Rule 15c2-11

(a) Except as provided in SEA Rules 15c2-11(f)(1), (2), (3) and (5) and 15c2-11(h), no member shall initiate or resume the quotation of a non-exchange-listed security in any quotation medium unless the member has demonstrated compliance with this Rule and the applicable requirements for information maintenance under SEA Rule 15c2-11. A member shall demonstrate compliance by making a filing with, and in the form required by, FINRA, which filing must be received at least three business days before the member's quotation is published or displayed in the quotation medium.

(b) The information to be filed shall contain one copy of all information required to be maintained under SEA Rule 15c2-11(a)(1), (2), (3), (4), or (5), including any information that may be required by future amendments thereto. Members are not required to file with FINRA copies of any information that is available through the SEC's Electronic Data Gathering, Analysis, and Retrieval ("EDGAR") system; provided, however, that the filing with FINRA shall contain identifying information for each issuer report or statement available through EDGAR that was relied upon in satisfying the member's obligations under this Rule and SEA Rule 15c2-11(a), including the type of report, report date and any other information as may be requested by FINRA. In addition, this filing shall identify the issuer, the issuer's predecessor in the event of a merger or reorganization within the previous 12 months, the type of non-exchange-listed security to be quoted (e.g., ADR, warrant, unit, or common stock), the quotation medium to be used, the member's initial or resumed quotation, and the particular subsection of SEA Rule 15c2-11 with which the member is demonstrating compliance. Additionally, if a member is initiating or resuming quotation of a non-exchange-listed security with a priced entry, the member's filing must specify the basis upon which that priced entry was determined and the factors considered in making that determination.

(c) If a member's initial or resumed quotation does not include a priced entry, a member shall supplement its prior filing under this Rule, in the form required by FINRA, before inserting a priced entry for the affected non-exchange-listed security in a quotation medium. The supplemental filing shall specify the basis upon which the proposed priced entry was determined and the factors considered in making that determination. The supplemental filing must be received by FINRA at least three business days before the member's priced entry first appears in a quotation medium.

(d) All filings made with FINRA under this Rule must be reviewed and signed by a principal of the member firm.

(e) For purposes of this Rule, the term "non-exchange-listed security" means any equity security, other than a Restricted Equity Security, that is not traded on any national securities exchange.



FINRA runs this show and nowhere in there is it stated that you will file another Form 211 to go from a non reporting status to a reporting status.


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