Nice link compgeek. Didn't find any relation on the content, in which the disclosure and procedure stuff is related to the Rules 13a-15 and 15d-15 of the Exchange Act, While the OTCBB to OTC-Pink relates to Rule 15c2-11.
Though the explanation on the link provided by techtrade to that change mentions some disclosure and procedures materials, the key point is economic, with the rule 15c2-11 requiring a Market Maker.
"The new OTC tier system classifies all OTC companies, whether quoted on the BB, OTC Link or both, into one of three tiers (OTCQX, OTCQB, or OTC Pink) based on the amount and quality of information they provide to investors. This tier system separates SEC-compliant issuers in the OTCQB tier from the speculative marketplace known as the “Pink Sheets” (now called “OTC Pink”), which is the bottom of the three tiers."
"SEC Rule 15c2-11 was designed to allow non-reporting public company's securities to be quoted on The Financial Industry Regulatory Authority ("FINRA") Over-the-Counter Bulletin Board ("OTCBB") by filing some simple disclosures.
Now, companies seeking to obtain a quote on the FINRA OTCBB must be required to file reports with the Securities and Exchange Commission ("SEC"). Under Section 15 of the Securities Exchange Act of 1934 (the "Act"), as amended, a company who has filed a registered offering with the SEC, such as an S-1 registration statement is required to file reports for one year. A company which files a Form 10 or Form 10-12G becomes a reporting company under Section 12g of the Act and must file reports. To be eligible for a quotation of its securities, the company's market maker must file a Form 211 with the FINRA, the company must have sufficient free trading stock in its public float to allow Rule 15c2-11.
The stated and un-stated listing requirements for the FINRA OTC-BB are as follows:
fully reporting with the U.S. Securities and Exchange Commission, minimum of 40 stockholders of record holding at least 100 shares each (note: this number is informal and has been moving up), must have a market maker submit 15c2-11 (Form 211) application to FINRA and agree to act as market maker for securities of company. If you need assistance in having a Form 211 filed with the FINRA so that your company can trade on the OTCBB, we can help prepare that paperwork and introduce you to a market maker. Contact us for more information."
Sorry if I don't contribute much on the details, Scout is great on that, my microscope is a little dusty nowadays, but I try to compensate by trying to keep my Telescope clear,shining and running great.
CPOW got dumped to the pinks from OTC land with hundreds of other companies because MM were cutting back on the amount of companies they were willing to pay registration fees for. I posted a link to an article recently that explains it in detail. To the best of my knowledge, it was through no fault or wrong-doing on behalf of CPOW.
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