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Ineligibility for Repeat Untimely Filers Proposal Published in the Federal Register

Summary
  • The proposal previously announced on May 16, 2005 has been published in the Federal Register.
  • The proposed rule amendment is anticipated to be effective for filings with periods ending on or after October 1, 2005.
  • Contact information

Background
As announced in an OTCBB.com General News Item on May 16, 2005, NASDAQ® filed a proposal with the Securities and Exchange Commission (SEC) to amend NASD Rule 6530 (the “Eligibility Rule”). The proposal has been published in the Federal Register and comments are due by September 14, 2005.

The Eligibility Rule already requires OTC Bulletin Board® (OTCBB) issuers to file timely periodic financial reports. The proposed change would make those OTCBB issuers that are cited for filing delinquency three times in a 24-month period and those OTCBB issuers removed for failure to file two times in a 24-month period ineligible for quotation on the OTCBB for a period of one year. This change was proposed to help further the original goal of the Eligibility Rule, which is to protect the public interest by ensuring that timely financial information is routinely available to investors.

As proposed, the new rule would be implemented in connection with filings for periods ending on or after October 1, 2005. Delinquent filings prior to that period will not count towards the new rule. Therefore, upon implementation, no issuer would immediately be subject to the one-year ineligibility period from continued quotation on the OTCBB. For full details concerning the proposal, click here for a copy of the Notice of NASDAQ’s filing with the SEC.

Contact Information
For questions or more information regarding this proposed change, please contact:




The OTC Bulletin Board (OTCBB) is a regulated quotation service that displays real-time quotes, last-sale prices, and volume information in over-the-counter (OTC) equity securities. An OTC equity security generally is any equity that is not listed or traded on NASDAQ or a national securities exchange. OTCBB securities include national, regional, and foreign equity issues, warrants, units, ADRs, and Direct Participation Programs (DPPs).

NASDAQ is the world’s largest electronic stock market. With approximately 3,300 companies, it lists more companies and, on average, trades more shares per day than any other U.S. market. It is home to category-defining companies that are leaders across all areas of business including technology, retail, communications, financial services, transportation, media and biotechnology industries. NASDAQ is the primary market for trading NASDAQ listed stocks. Approximately 51% of NASDAQ-listed shares traded are reported to NASDAQ systems. For more information about NASDAQ, visit the NASDAQ Web site at www.NASDAQtrader.com.


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