OTC Markets Group Inc (OTCQX:OTCM) said it has reviewed the Securities and Exchange Commission’s grant of regulatory relief regarding certain filing obligations by companies affected by the coronavirus (COVID-19) and has decided to provide similar conditional filing relief to companies.
“We have determined to provide similar accommodations for qualifying companies that make public information available pursuant to the Alternative Reporting Standard (ARS), the Bank Reporting Standard, or the International Reporting Standard through OTC Markets’ OTC Disclosure & News Service,” the group said in a letter to companies.
The OTC Markets Group said it will provide relief to qualifying companies as follows:
• ARS reporting companies will have an additional 45 days to file certain disclosure reports that would otherwise have been due between March 1 and April 30. To qualify, companies must submit a notification of late filing through OTCIQ.com, including a summary of why the relief is needed. The notification of late filing and further instructions for submitting it are available at https://www.otcmarkets.com/files/NotificationofLateFiling.docx.
• Bank Reporting Companies (those that are not registered and reporting to the SEC) and International Reporting companies listed on a qualified foreign exchange that have been provided with additional time to file by their primary regulator may also submit a notification of late filing through OTCIQ.com, noting the length of the extension granted by their primary regulator.
“Companies that meet the conditions for filing relief will not be downgraded or identified as delinquent in filings during the relief period,” the group added.
OTC Markets Group said it is “closely monitoring the impact of the coronavirus on investors and capital markets” and may extend, modify, or provide additional relief as circumstances warrant.
The New York-headquartered OTC Markets Group is the operator of the OTCQX Best Market, the OTCQB Venture Market, and the Pink Open Market for 10,000 US and global securities.
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