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Thursday, April 14, 2011 9:49:00 AM
OTC Markets Group Inc., formerly known as Pink OTC Markets Inc., operates OTC Link, an electronic quotation system that displays quotes from broker dealers for many over-the-counter (OTC) securities. "Market makers" and other brokers who buy and sell OTC securities, can use the OTC Link to publish their bid and ask quotation prices. The terms “Pink” or “Pink Sheets” (as they were formerly known), comes from the color of paper they were historically printed on. They are published electronically today by OTC Markets Group Inc., a privately owned company. OTC Markets Group Inc. is not registered with the SEC in any way and it is not a Financial Industry Regulatory Authority (FINRA) Broker-Dealer. OTC Markets Group Inc. does not require companies whose securities are quoted upon its systems to meet any listing requirements. With the exception of a few foreign issuers, the companies quoted in OTC Link tend to be closely held, extremely small and/or thinly traded. Most do not meet the minimum listing requirements for trading on a national securities exchange, such as the New York Stock Exchange or the Nasdaq Stock Market. Many of these companies do not file periodic reports or audited financial statements with the SEC, making it very difficult for investors to find reliable, unbiased information about those companies. For all of these reasons, companies quoted in OTC Link can be among the most risky investments. That's why you should take extra care to thoroughly research any company quoted exclusively in the OTC Link. Be aware that some broker-dealers are required by Rule 15c2-11 under the 1934 Act to have some information about the issuer. Ask your broker-dealer whether it has any Rule 15c2-11 information before you invest.
The OTC Bulletin Board (OTCBB) eligibility rule required companies whose securities were quoted on the OTCBB to file updated financial reports with the SEC or with their banking or insurance regulators. If these companies failed to file current financial reports, their securities would be removed from the OTCBB, but could be quoted in another system, such as OTC Markets Group Inc.’s OTC Link inter-dealer quotation service. The eligibility rule was phased in over a 12-month period and ended June 22, 2000. On the OTC Bulletin Board's website, you can find a history of the rule and data concerning companies that were removed from the OTCBB. If you are considering investing in a company that trades on the OTCBB, you can find reports filed by the company on the SEC's EDGAR database.
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