On February 13, OTC Markets Group (OTC) proposed amendments to the OTCQX Rules for both US and international companies. The OTCQX is the highest market tier for over-the-counter trading on the OTC Markets. These proposed amendments include changes to, among other things, the roles market professionals designated by OTCQX companies are required to serve for such companies, initial eligibility standards and requirements as to the dissemination of material information. The OTC will be accepting comments on the proposed amendments through March 16, 2014. The proposed amendments will become effective on March 17, 2014 (other than the amendment regarding disclosure of material information, which will become effective on May 17, 2014).
To read the full text of the proposed amendments to the OTCQX Rules for US companies, click here.
To read the full text of the proposed amendments to the OTCQX Rules for international companies, click here.
Also on February 13, the OTC announced the publication of a new set of OTCQX Rules for US banks in connection with a new OTCQX banks marketplace that the OTC plans to launch in spring 2014. These rules establish the application, eligibility, disclosure and continued qualification requirements for US banks admitted to the OTCQX.
To read the full text of the OTCQX Rules for US banks, click here.