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Form 211 (SEC Rule 15c2-11)
What is a Form 211?
The Form 211 is the form which must be completed and submitted to NASD OTC Compliance Unit to initiate or resume quotations in the OTCBB, the "Pink Sheets", or any other comparable quotation medium pursuant to SEC Rule 15c2-11. To view or print the Form 211, please visit our Forms Page. A 211 Addendum Form must be submitted in addition to the Form 211 for the OTCBB.
After a Form 211 is filed, how long until the security can begin quotation on the OTCBB?
There is no standard time to process a 211 and clear the market maker to begin quoting a security on the OTCBB. The time it takes to review a 211 may vary significantly depending on many factors including whether or not NASD has to request additional information from the market maker that submitted the form and upon how long it takes the market maker to respond to requests for additional information.
How do I check the status of a Form 211 filing?
Contact the NASD OTC Compliance Unit. Please note that the Form 211 review process is proprietary and, thus, NASD will only discuss details of the filing or review directly with the firm that submitted the Form 211.
Do financials submitted with the Form 211 have to be audited?
Yes, the periodic reporting requirements under NASD Rule 6530 require annual audits of an OTCBB issuer's financial statements. However, current NASD rules do not require the financial statements of Pink Sheet issuers to be audited, but they should be prepared in accordance with GAAP or, for foreign issuers, in accordance with their home country's accounting standards.
Do I have to file a Form 211 for a security delisted from NASDAQ?
A delisted Nasdaq Issuer that wishes to be quoted on the OTCBB should contact their market makers to request that they complete a Form 211 for review and processing. See Delisting From NASDAQ for more information.
Do I have to file a Form 211 for a New York Stock Exchange or American Stock Exchange delisted security?
Yes. Prior listing on NYSE or AMEX does not exempt a Market Maker from the Form 211 filing requirement.
