Monday, March 01, 2021 11:37:13 AM
Before soliciting quotations or resuming
quotations in an OTC stock that has been subject
to a trading suspension, a broker-dealer must file a
Form 211 with the Financial Industry Regulatory
Authority (“FINRA”) representing that it has satisfied
all applicable requirements, including those of Rule
15c2-11 and FINRA Rule 6432.
Among other things, Rule 15c2-11 requires brokerdealers to review and maintain certain documents and
information about the company, including in certain
cases:
1. the company’s state of organization, business line,
and names of certain control affiliates;
2. the title and class of the securities outstanding; and
3. the company’s most recent balance sheet and its
profit and loss and retained earnings statement.
No broker-dealer may solicit or recommend that
an investor buy an OTC stock that has been subject
to a trading suspension unless and until FINRA
has approved a Form 211 relating to the stock. If
there are continuing regulatory concerns about
the company, its disclosures, or other factors, such
as a pending regulatory investigation, a Form 211
application may not be approved
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