The Real DTCC Discussion

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No, only if they register a class of shares for sale are they required to then file financials. Once a class is registered they then must continue to file unless they request on a Form 15 to no longer file under Rule 12 or 15.

The only 33 Act companies not required to file are those who only began filing under 34 requirements because they exceeded the $10 million in assets and or 500 shareholders. They may at anytime stop filing once they no longer have either $10 million in assets or 500 shareholders of record.

There are further requirements as to when they may just stop filing, they also do not have to file a Form 15 in doing so, although most legit companies do so to avoid non disclosure to their shareholders as to why they will no longer be providing financials.