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Thursday, November 05, 2015 12:18:41 PM
Background
Historically, FINRA has performed certain limited functions relating to the processing
of non-exchange-listed issuer company actions in the over-the-counter (OTC)
securities market. Specifically, FINRA reviews and processes documents related to
announcements for company-related actions pursuant to SEA Rule 10b-17 (Untimely
Announcements of Record Dates),2 and other company actions, including the issuance
of or change to a trading symbol or company name, mergers, acquisition, dissolutions
or other company control transactions, bankruptcy or liquidations. FINRA announces
company-related actions pursuant to requests from issuers and their agents on its
website in a document known as the “Daily List,” establishes the ex-date for
distributions and dividends and adjusts the trading price of the securities where
applicable.3 These functions are important to trading and settlement in the OTC
marketplace and help promote investor protection and market integrity.
So, if FINRA rejects the dividend documents that the company provided then what happens?
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