Thanks, that is an excellent point made by that poster. Of course FINRA can hold things up, and that has been the crux of this discussion. Is this nuf said? I hope so. SpongeBath
So to clarify: FINRA can ask the sponsoring broker-dealer for more information. FINRA will respond (with)in three days, but that doesn't mean it has to approve in three days.
In fact, very often when FINRA first asks for more info, the broker-dealer never responds and the application dies on the vine.
puppydog..are you paying attention?..perhaps you will believe one of your own...
if there is NO filing from the broker for the 211 there is nothing for FINRA to do ... they can't hold up something thats not there!!!!!!!!
FINRA either accepts the filing and grants the 211 from the broker or not. Generally when a broker applies for the 211 its accepted BECAUSE THE FINANCIAL'S ARE FILED and the requirements are met.
Registering as a Market Maker In an OTC BB Security
Securities that are quoted in the OTCBB do not have to meet any listing requirements and may be quoted by broker dealers who are registered as OTC marker makers. Market makers must obtain detailed information regarding the issuer as required by SEC Rule 15c2-11. Prior to quoting or resuming a quote in an OTC BB security the marker maker must have at least one of the following: Form 10K, 10Q, and 8K An offering circular effective within 40 days A prospectus effective within 90 days Other detailed financial information Foreign financial filings for foreign firms The market maker entering the quote must maintain a file containing the following: A copy of any SEC trading suspension or public release relating to any of the issuer’s securities within the last 12 months A record of the name of the person or people for whom the quote is published and a record of any information provided to the dealer by that person. A copy of other information relating to the issuer that the dealer becomes aware of. The dealer is required to file form 211 with the NASD at least 3 business days prior to entering a quote. The firm is also required to provide the Association with the information required under SEC Rule 15C2-11. The filing should also include: The name of the issuer The dealer’s initial or resumed quote The basis for the quote The type of security How the firm will display the quote A demonstration of the dealer’s compliance with SEC Rule 15C2-11 The previous name of the company if the issuer was party to a merger
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