Friday, May 17, 2019 1:50:14 PM
? FINRA believes the forms are incomplete, inaccurate or filed without the appropriate corporate authority;
? The issuer is not current in its reporting obligations with the Securities and Exchange Commission;
? Persons involved in or related to the corporate action are the subject of pending or settled regulatory action or are under investigation by a regulatory body or are the subject of a pending criminal action related to fraud or securities law violations;
? Persons related to the corporate action are likely involved in fraudulent activities involving securities or may pose a threat to investors;
? There is significant uncertainty in the settlement and clearance process for the issuer’s securities.
Issuers will be charged fines for failure to comply with the rules. Some of these fines include:
? Timely Rule 10b-17 Notification 10 business days before the Action – filing fee $200
? Late filing, but filing at least 5 calendar days before the Action – $1,000
? Late filing, but filing at least 1 business day before the Action – $2,000
? Filing on or after the Action date – $5,000.
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