Here are some links I just found:
Rule 15c-211
http://www.law.uc.edu/CCL/34ActRls/rule15c2-11.html
Grey market
http://www.answers.com/topic/grey-market
shell grey sheet
http://www.pinksheetsotc.com/grey_sheet_shells.htm
http://www.reversemergeronline.com/Other%20Pages/Shell%20Alt.html#Non-Trading%20Non-Reporting%20(Gray%20Sheet)
http://www.gopublic.com/types_of_shells.html
And here you go:
How does a 15c2-11 work?
A 15c2-11 is a legal filing that allows a corporation with a market for its securities to begin trading registered securities. Rule 15c2-11 requires that broker-dealers include certain pieces of information in the 211 application that is, in turn, reviewed by the National Association of Securities Dealers (NASD). Although audited financials (which can cost thousands of dollars) are not required much of the information required is similar to that included in a registration statement. Even though audited financials are not required, a financial statement must be provided in accordance with Generally Accepted Accounting Principles (GAAP).
Broker-dealers perform due diligence on the company filing the 15c2-11 and specifically review:
* The issuance of outstanding shares
* To whom and at what price they were issued
* The ration of free trading versus restricted shares
Once due diligence is completed, the broker-dealer files a Form 2-11 with the NASD and the NASD is compelled to return comments in less than 30 days. Once the NASD comments have been satisfied the NASD declares the filing effective and the begins trading the OTC-Bulletin Board subject to company becoming a reporting company under the Securities Exchange Act of 1934 or on the Pink Sheets if there are no reporting requirements. From start to finish the process typically takes less than 120 days.
http://www.nanomerger.com/cq.htm
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