Corporate Universe Inc (COUV)

[lesgetrich]

As discussed before, the SEC can bring an action at any time for any reason. There is no requirement for OTC markets to wait five years for any action. Under the new rules, OTC Markets can make the sole determination of when to re-list a security. See my post #17842 from 3/7/21...

COUV Post # 17842

The new rules allow OTC markets to reinstate them without a Form 211 or a FINRA review or an MM. All they really need is to bring their financial information current...

The SEC Has Adopted Final Amendments To Rule 15C2-11; Major Change For OTC Markets Companies

will add new exceptions for lower risk securities; and add the ability of OTC Markets itself to confirm that the requirements of Rule 15c2-11 or an exception have been met, and allow for broker-dealer to rely on that confirmation. Importantly the new rule will not require OTC Markets to submit a Form 211 application or otherwise have FINRA review its determination that a broker-dealer can quote a security, prior to the quotation by a broker-dealer...

OTC Markets can make a determination that a company qualifies for an exception to the 211 rule requirements and a broker-dealer can rely on that determination.

A broker-dealer can rely on the OTC Markets determination of the availability of the rule or an exception to quote a security without conducting an independent review. Keeping the rule’s current 3 business day requirement, a broker-dealer’s quotation must be published or submitted within three business days after the qualified IDQS (OTC Markets) makes a publicly available determination.

Importantly, the new rule specifically does not require that OTC Markets comply with FINRA Rule 6432 and does not require OTC Markets or broker-dealers relying on OTC Markets’ publicly available determination that an exception applies, to file Forms 211 with FINRA. I believe that the system will evolve such that OTC Markets completes the vast majority of 211 compliance reviews...