Independent Film Development Corp. (IFLM)

[THall]

Obviously you didnt read what it said. The SEC intends to accomplish, ie., not current would cause the Market Maker to withdraw its FORM 211 to FINRA for market making services and quotations, which would cause all piggyback MM's to not be allowed to quote a stock since the sponsoring MM withdrew its FORM 211.

They are not going after the companies but rather the Market Makers and removing their FORM 211 so the stock will only trade on the Grey Market.

The SEC would place the responsibility onto the Brokers and Market Makers to ensure their FORM 211 to FINRA for each OTC stock is justified on current info/disclosures.

IFLM has less than 60 days to get current or it will be sent to the Grey Market

Last week the SEC filed a proposal that will become effective after the 60 day period for comments has expired.

Essentially the proposed RULE will remove all 15c2-11 qualifications for Market Maker representation when there is NO CURRENT information/disclosures from every OTC stock. This RULE will adversely affect every delinquent SEC registered stock and every not-registered stock on the OTC that has no current info/disclosures.

IFLM will go to the Grey Market by default as well as 100's of other no-disclosure stocks that will lose their Market Maker representation.

https://www.sec.gov/rules/proposed/2019/34-87115.pdf