Form 211 is the form which must be completed pursuant to FINRA Rule 6432 and submitted to the FINRA OTC Compliance Unit to initiate or resume quotations in the OTCBB, OTC Markets, or any other quotation medium pursuant to SEC Rule 15c2-11. To view or print the Form 211, please visit our Forms Page. A 211 Addendum Form must be submitted in addition to the Form 211 for the OTCBB.
After a Form 211 is filed, how long until the security can begin quotation on the OTCBB?
There is no standard time to process a 211 and clear the market maker to begin quoting a security on the OTCBB. The time it takes to review a 211 may vary significantly depending on many factors including whether or not FINRA has to request additional information from the market maker that submitted the form and upon how long it takes the market maker to respond to requests for additional information.
How do I check the status of a Form 211 filing?
Contact the FINRA OTC Compliance Unit. Please note that the Form 211 review process is proprietary and, thus, FINRA will only discuss details of the filing or review directly with the firm that submitted the Form 211.
Do financials submitted with the Form 211 have to be audited?
The periodic reporting requirements relied upon by FINRA Rule 6530 require annual audits of an issuer's financial statements for quoting on OTCBB. However, current FINRA rules do not require audited financial statements for quoting on other quotation mediums, but they should be prepared in accordance with GAAP or, for foreign issuers, in accordance with their home country's accounting standards.
Do I have to file a Form 211 for a security delisted from an exchange?
An exchange delisted issuer that wishes to be quoted on the OTCBB should contact their market makers to request that they complete a Form 211 for review and processing. Source: http://www.otcbb.com/faqs/otcbb_faq.stm#211
The SEC will not comment publicly on the status of a company when the ten-day suspension period ends because the company may still have serious legal problems. For instance, the SEC may continue to investigate a company to determine whether it has defrauded investors. The public would not know if the SEC is continuing its investigation unless the SEC publicly announces an enforcement action against the company.
Furthermore, when an SEC trading suspension ends, a broker-dealer generally may not solicit investors to buy or sell the previously-suspended over-the-counter (“OTC”) stock until certain requirements are met. Before soliciting quotations or resuming quotations in an OTC stock that has been subject to a trading suspension, a broker-dealer must file a Form 211 with the Financial Industry Regulatory Authority (“FINRA”) representing that it has satisfied all applicable requirements, including those of Rule 15c2-11 and FINRA Rule 6432.
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