Only SEC-registered and FINRA-approved broker-dealers may quote securities on OTC Link® ATS. Only one broker-dealer quotation is required to start trading. Not all broker-dealers are willing to sponsor a new security and file a Form 211. Many broker-dealers will begin to quote a security only after another firm does the paperwork to be quoted on OTC Link® ATS. After 30 days, the newly quoted stock becomes 'piggyback qualified,' meaning any broker-dealer from that point on can begin quoting it without filing the Form 211 on its own.
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