So far we have:
1. NASDAQ establish – within one year – an up-to-date, fully automated and electronic trading system for the OTC Bulletin Board that will specifically: allow for order negotiation, have automatic execution of trades, and display the bid/ask sizes for all participating market makers.
2. Market makers who quote securities traded on the OTC Bulletin Board be required to maintain continuous, two-sided markets, with quotes that are reasonably related to the market and generally do not lock or cross the market for all OTC BB securities in which they make a market.
3. Market makers be required to report their short positions/interest in OTC BB securities on a weekly basis.
4. OTC BB companies be required to file unaudited quarterly financial statements (prepared by external accountants on a review management basis) and audited annual reports on a timely basis; signed by the CEO and CFO attesting to their accuracy and integrity.
5. Entities quoted exclusively on the Pink Sheets be required to file unaudited quarterly and annual financial statements via a universal, easy-to-use form (to be established by the SEC) that must be signed by the CEO and CFO attesting to their accuracy and integrity. Shell companies with no operations or activity will be exempt from this filing requirement.
6. Companies quoted on the OTC Bulletin Board and Pink Sheets be required to hold annual meetings of shareholders and solicit proxies for such meetings, refrain from the disenfranchisement of the voting rights of existing shareholders, comply with Regulation FD, and obtain shareholder approval for the following transactions:
(a) Grants of stock options to officers and directors,
(b) Large, below-market issuances of shares,
(c) Acquisitions and mergers,
(d) Both forward and reverse stock splits,
(e) Changes of control,
(f) Increases in the number of authorized shares.