Indocan Resources Inc. (IDCN)

[dorismd2001]

It would be easier for IDCN management to bring the company to current

1.When new SEC rules ( Rule 15c2-11) become effective this September, it would be easier for IDCN management to bring the company to current since OTC markets can make a determination on the status without submitting a Form 211 to FINRA for review.

Quote: “Importantly as discussed, OTC Markets will not be required to submit a Form 211 but rather its determination of compliance with the rules will be self-effectuating, and a broker-dealer relying on OTC Markets review, will also not be required to submit a Form 211 to FINRA. This alone will make a tremendous difference in the process.”

2.The information that the new rules Rule 15c2-11 require is not difficult to meet, IDCN just needs to provide the following basic information.

Quote: “For companies relying on the catch-all category, the information required to rely on Rule 15c2-11 includes the type of information that would be available for a reporting company, including financial information for the two preceding years that the company or its predecessor has been in existence. The information requirements were expanded from the proposed rule to also include (i) the address of the company’s principal place of business; (ii) state of incorporation of each of the company’s predecessors (if any); (iii) the ticker symbol (if assigned); (iv) the title of each “company insider” as defined in the rule; (v) a balance sheet as of a date less than 16 months before the publication or submission of a broker-dealers quotation; and (vi) a profit and loss and retained earnings statement for the 12 months preceding the date of the most recent balance sheet.”

https://lawcast.com/2020/09/24/the-sec-has-adopted-final-amendments-to-rule-15c2-11-major-change-for-otc-markets-companies/

https://m.marketscreener.com/quote/stock/OTC-MARKETS-GROUP-INC-120792806/news/OTC-Markets-nbsp-Transforming-the-OTC-Markets-32279898/