Interesting development in the world of OTC stocks may be there won't be the hundreds of posts about our current Share structure soon:
OTC Markets Group Launches Transfer Agent Verified Shares Program to Improve Timeliness, Reliability of OTC Company Share Information
VStock Transfer joins as first participant in new initiative to create a central public repository for share data on OTCQX, OTCQB and Pink securities
PR Newswire
NEW YORK, Oct. 10, 2016
NEW YORK, Oct. 10, 2016 /PRNewswire/ -- OTC Markets Group Inc. (OTCQX: OTCM), operator of financial markets for 10,000 U.S. and global securities, today announced the launch of a new transfer agent program designed to improve the transparency of share information on OTCQX®, OTCQB® and Pink® securities. VStock Transfer is leading the way as the first participant in this program.
The Transfer Agent Verified Shares Program is a first-of-its-kind initiative to provide investors with current and reliable share data on OTCQX, OTCQB and Pink securities in a timely manner. The program enables SEC registered stock transfer agents to report their clients' share data, including authorized and outstanding shares, to OTC Markets Group on a regular basis via a secure, electronic file transfer. Share data provided by transfer agents is displayed on www.otcmarkets.com alongside a "Verified" logo, indicating the information is reliable and trustworthy. This data is also disseminated through OTC Markets Group's market data feeds to investors, broker-dealers and third-party websites. Participating transfer agents may provide updates as often as once a day, but are required to submit an updated file monthly.
"The lack of accurate share information is one of the key challenges for small company markets," said R. Cromwell Coulson, President and CEO of OTC Markets Group. "Without reliable share data, investors cannot make informed investment decisions and brokers are constrained from trading, thus increasing costs for all market participants. Our platform helps transfer agents provide current share information for their client companies and makes it publicly available to investors. This allows companies to build credibility with investors and brokers, and helps transfer agents provide a higher level of service for their clients."
VStock Transfer is the first transfer agent to enroll in the program. A "Verified by Transfer Agent" logo is currently displayed next to outstanding share data for VStock's issuer clients on each company's corporate profile on www.otcmarkets.com.
"We are thrilled VStock Transfer has signed on as the first participant in our program and we look forward to engaging other transfer agents to build more informed and efficient financial markets," continued Mr. Coulson.
"When presented with an opportunity to embrace technology to better service the VStock Transfer family of portfolio companies, their shareholders, and their potential investors, we were happy to do so and work hand in hand on the backend tools with the OTC Markets Group team," said Shay Galam, Compliance Supervisor at VStock Transfer.
OTC Markets Group is working with the transfer agent community to educate and enroll them in this new program. There is no fee for transfer agents to participate.
Transfer agents interested in participating in the program may contact Andy Kyzyk at OTC Markets Group at (212) 896-4450 or andy@otcmarkets.com.
