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"U.S. 'pink sheets' in shakeup as securities regulator

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bar1080   Thursday, 09/23/21 01:29:49 PM
Re: janice shell post# 191272
Post # of 193579 
"U.S. 'pink sheets' in shakeup as securities regulator looks to stamp out fraud"

"WASHINGTON/NEW YORK (Reuters) - As many as 2,000 companies could disappear from the off-exchange “pink sheets,” long a favorite of retail investors, when a new rule aimed at stamping out fraud in this notoriously risky enclave of U.S. equities markets comes into effect next week."

"The Securities and Exchange Commission (SEC) rule boosts investor disclosures by requiring off-exchange issuers, frequently penny-stock companies that do not meet the main exchanges’ listing standards, to make accurate, up-to-date financial information publicly available.

Due to a loophole in the current rules, around 2,000 of the roughly 11,000 companies quoted on the Pink Market operated by New York-based OTC Markets Group do not publicly provide such information.

OTC Markets has been trying to spread the word and encourage companies to get their paperwork in order, but it was still unclear how many would do so in time for the Sept. 28 deadline, if at all, said Daniel Zinn, the company’s general counsel.

The market operator may have to remove, if only temporarily, between 1,000 and 2,000 stocks from the Pink Market, he estimated, meaning broker quotes will no longer be available to investors via online retail broker platforms."

"The rule will also apply to some government and corporate bond issuers, leading industry lobby groups to warn this week of potential disruption to that critical funding market."

[more]

https://www.reuters.com/article/usa-sec-pink-sheets-idTRNIKBN2GJ0TS

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