SEC Rule 15c2-11 provides an exemption to filing a Form 211 with the NASD for brokers that wish to publish an unsolicited quote. An unsolicited quote represents a customer order and not a market maker's own position and must be removed from the system once the customer order is executed. Compliance with this rule is monitored by the NASD.
Federal securities laws require an issuer making a public offering of securities to file a registration statement with the Securities and Exchange Commission containing certain disclosures regarding the issuer and its securities. Pink Sheets has become increasingly concerned that the unsolicited quote exception in Exchange Act Rule 15c2-11 is being abused by unscrupulous individuals to engage in questionable and possibly fraudulent activities in violation of the federal securities laws. Pink Sheets, as a matter of policy, does not believe that the Unsolicited Quote Exemption should be used to circumvent the NASD's 211 process. As a result, effective February 6, 2006, Pink Sheets is limiting the publication of unsolicited quotes to securities of seasoned issuers only. A seaoned security is generally defined as a security for which there has previously been a public market or a security of an issuer that has other seasoned securities.
Pink Sheets generally will publish unsolicited quotations in securities that meet one of the following five conditions:
The Issuer of the securities is subject to Section 13 or 15(d) of the Exchange Act, is current in its filing obligations and has other seasoned securities currently trading on the NYSE, AMEX, NASDAQ, OTCBB or the Pink Sheets. The securities were recently delisted from NYSE, AMEX, NASDAQ or the OTCBB; The Issuer is a bank, savings and loan, or insurance company; The securities were issued as part of a bankruptcy plan of reorganization; or The security being quoted is a foreign ordinary, which is listed on a foreign exchange, or an ADR representing such ordinaries In order to publish an unsolicited quote for a security that meets one of the above conditions and is not already quoted on Pink Sheets, a broker should submit this form to Pink Sheets:
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