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Strategies & Market Trends : The Thread Formerly Known as No Rest For The Wicked -- Ignore unavailable to you. Want to Upgrade?

To: Tim Luke who wrote (5745)	1/7/1999 1:16:00 AM
From: CIMA	Respond to of 90042

SEC approves stricter OTC requirements WASHINGTON - Federal regulators have approved a sweeping proposal by the dealers' group that runs the Nasdaq Stock Market to tighten disclosure requirements for companies seeking special over-the-counter (OTC) listings of their stocks. The change could result in the removal of thousands of small and speculative stocks from the listings. The Securities and Exchange Commission on Monday approved the proposal made a year ago by the National Association of Securities Dealers to strip from the OTC Bulletin Board - an electronic market of about 6,800 securities - stocks of any companies that don't file financial disclosure statements with the SEC or banking or insurance regulators. About half the stocks listed on the Bulletin Board do not submit such reports, according to the NASD, which announced the SEC's approval on Wednesday. The move by Nasdaq's parent organization is aimed at distancing the nation's second-largest stock market from cheap, high-risk stocks, sometimes called ''penny stocks,''that are thinly traded and loosely regulated and have had problems with fraud. Nasdaq runs the Bulletin Board, but its stocks are not actually listed on the Nasdaq market because they don't meet Nasdaq listing standards or don't file disclosure statements with the SEC. The Bulletin Board stocks often are linked with Nasdaq's name, however. The new filing requirement for companies will protect investors in Bulletin Board stocks by giving them access to companies' financial information, the NASD said. ''Thorough and accurate information is the foundation of sound investment decisions,'' Frank Zarb, NASD's chairman and chief executive officer, said in a statement. He called the move ''a major step toward improving the quality'' of the market for small-company stocks. The new requirement also means that the companies will be subject to closer oversight by the SEC and other watchdog agencies. The filing requirement will be phased in over a 12-monthperiod beginning in July and continuing through June 2000. SEC spokesman John Heine declined comment on the matter. The stocks to be dropped under the proposal also include many special shares of foreign companies. As of April 1998, foreign securities had to be fully registered with the SEC to remain listed on the Bulletin Board. Market analysts have said the stocks that are removed could still be listed on the so-called Pink Sheets, a less automated system not affiliated with Nasdaq - but they would be more difficult to trade. By The Associated Press

To: Tim Luke who wrote (5745)	1/7/1999 1:17:00 AM
From: Provocateur	Read Replies (1) \| Respond to of 90042

After hours trading showed multiple 95,000 blocks...looked like sells/dumping to me. Prov

To: Tim Luke who wrote (5745)	1/7/1999 6:25:00 AM
From: JustInTime	Respond to of 90042

>>i advise caution if any of you are going to play this overhyped pumped soon to be dumped KNIC....i wouldn't touch it. I amazed that anyone would play these cr@ppy stocks when there is so much money to be made in solid companies right now, but what do you expect from a group of "investors" who make there decision about what to buy based on who is going to be on CNBC that day or based on what eMail shows up in there box at 10AM?