![]() Additionally, they will not have access to bid and ask prices or other information, including trading volume. Typically, these are companies not subject to or not in compliance with SEC public company reporting requirements.īecause of the restrictions imposed on securities quoted on the Expert Market, most investors will not be able to publicly sell their shares. With the amendments to Rule 15c2-11, the OTC Markets Group Expert Market became the platform for broker-dealers to publish unsolicited quotes of securities designated as “No Information” securities. Amended Rule 15c2-11 eliminated broker-dealer quotes of securities of issuers that fail to make current information publicly available. ![]() ![]() The SEC’s amendments to Rule 15c2-11 became effective on September 28, 2021. Quotes of securities in the Expert Market are “Unsolicited Only,” which means that trades of securities subject to unsolicited quotation in the Expert Market are only available to broker-dealers, institutions and other sophisticated investors, and not average investors. On October 15, OTC Markets reported that “2,247 former Pink No Information securities shifted to the Expert Market tier, where securities may only be quoted on an Unsolicited (customer order) basis. As a result, trading is limited to quotation on an unsolicited basis. Companies on the Expert Market provide the lowest level of disclosure in comparison to other OTC Market tiers. Companies quoted on the OTC Markets are divided into four tiers, the OTCQX, the OTCQB, the OTC Pink and the Expert Market. Many of these companies do not file periodic reports or audited financial statements with the SEC, making it difficult for the public to find current, reliable information about those companies. Most of the companies quoted on OTC Markets are not able to meet the minimum listing requirements for trading on a national securities exchange.
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