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To: J.M. Grindle who wrote (7871)	1/13/1999 9:03:00 AM
From: The Street	Read Replies (1) \| Respond to of 40688

They have a year to get their houses in order.....

To: J.M. Grindle who wrote (7871)	1/14/1999 6:02:00 PM
From: VivB	Read Replies (2) \| Respond to of 40688

Here's some information posted on the new NASDAQ rule changes: Thursday, Jan 7 1999 8:40AM ET 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.<BR> 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-month period 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