ROFLMAO ... Hey here is some information out on OTCBB eligibility rule
OTCBB Eligibility Rule Phase-In Procedures
The phase-in process begins on July 1, 1999 for all companies which began quotation on the OTCBB prior to January 4, 1999. This document reflects the procedures to be followed by The OTCBB Filings Department for determining a company's compliance status with respect to the Eligibility Rule as of their scheduled phase-in date. Click here to view the Phase-in schedule.
1. Evaluate Compliance Status - Nasdaq will begin evaluating the compliance status of issuers that file with the Securities and Exchange Commission (SEC) 30 calendar days prior to the company's scheduled phase-in date. For banks and insurance companies that do not file with the SEC, Nasdaq will begin its evaluation 60 calendar days prior to the company's scheduled phase-in date. Nasdaq will make its definitive determination with respect to an issuer's compliance with the Eligibility Rule (i.e., Rule 6530) upon its scheduled phase-in date (i.e., the first business day of the month in which the company is scheduled to phase-in).
2. Determine Compliance - To be compliant with the Eligibility Rule, a company must be:
Registered with the SEC under Section 13 or 15(d) of the Securities and Exchange Act of 1934 ("Act"), an investment company registered under the Investment Company Act, an insurance company described in Section 12(g)(2)(G) of the Act, or a bank or savings association that is not required to file reports with the SEC.
AND
Current in its required filings. To be current, an issuer must have filed its latest required annual filing and any subsequent quarterly filings. In the alternative, an issuer may be deemed compliant, if they have filed a Form 10 or a Form 10SB and have cleared all comments by the SEC.
3. Process Non-Compliant Companies
Grace Periods - Companies that file with the SEC are given a grace period of 30 calendar days. Banks and insurance companies that do not file with the SEC are given a grace period of 60 calendar days. The grace period begins on the date the symbol change notification appears on the OTCBB Daily List.
Symbol Changes - If Nasdaq has no information that the issuer is compliant, it will append the issuer's symbol with a fifth character "E". Symbol changes will appear on the OTCBB Daily List and will be reflected in the company's trading symbol 2 days from the date the notice appears on the OTCBB Daily List.
Timing - For those companies that file with the SEC and are non-compliant with the filing requirement, symbol changes will appear on the OTCBB Daily List 30 calendar days prior to the issuer's scheduled phase-in date. Similarly, symbol changes for non-compliant banks and insurance companies that do not file with the SEC will appear on the OTCBB Daily List 60 calendar days prior to their scheduled phase-in date.
4. Notification of Filing - Market Makers or other parties who wish to notify Nasdaq of any filing that has been made during the grace period which would bring the issuer into compliance may mail the filing to:
OTCBB Filings Department
9801 Washingtonian Blvd.
Gaithersburg, MD 20878-5356
To contact Nasdaq's OTCBB Filings Department, please call the automated service at 202-496-2542.
5. Demonstrate Compliance - Once Nasdaq receives notification that a delinquent issuer is compliant with the filing requirement, the fifth character identifier ("E") will be removed. This symbol change will be completed two business days following publication on the OTCBB Daily List.
6. Removal - If Nasdaq has no information that the issuer is compliant, upon expiration of the grace period (i.e., on the scheduled phase-in date), the issuer's security(ies) will be removed from the OTCBB. Deletions will appear on the OTCBB Daily List and will become effective 2 days from the date the notice appears on the OTCBB Daily List.
otcbb.com
:-)
GB
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