NEW YORK, June 20, 2013 /PRNewswire/ -- OTC Markets Group Inc. (OTCQX: OTCM) today announced that Richardson & Patel LLP, a securities law firm, has been approved as a Designated Advisor for Disclosure ("DAD") and Principal American Liaison ("PAL") for OTCQX® companies. As a DAD/PAL, Richardson & Patel may sponsor U.S. and international exchange-listed companies for trading on the OTCQX marketplace and provide professional guidance on OTCQX requirements and U.S. securities laws.
"DADs and PALs play a critical role in the success and distinction of the OTCQX marketplace, our best marketplace, by providing a professional review of a company's disclosure and management team and ongoing guidance on securities law and effective investor relations practices," said R. Cromwell Coulson, President and CEO of OTC Markets Group. "We are pleased to add Richardson & Patel, one of the most reputable securities law firms in the nation, to our list of approved attorney DAD/PALs and look forward to working with them as we continue to grow the OTCQX marketplace."
"Our approval as a DAD/PAL advisor will allow us to continue building our relationships with our public company clients as they grow into the next phase of their businesses. We look forward to sponsoring our first OTCQX company in the coming months," said Nimish Patel, Managing Partner of Richardson & Patel LLP.
DADs and PALs serve as third-party sponsors and advisors for companies trading on the OTCQX marketplace. Firms are selected by OTCQX companies, or companies applying to trade on the OTCQX marketplace, and are limited to experienced securities attorneys, FINRA member investment banks and depositary banks. Prospective DADs and PALs must submit an application to OTC Markets Group demonstrating that the firm has reached a level of experience and capital markets expertise that qualify it to serve as an OTCQX advisor.
About OTC Markets Group Inc.
OTC Markets Group Inc. (OTCQX: OTCM) operates Open, Transparent and Connected financial marketplaces for 10,000 U.S. and global securities. Through our OTC Link® ATS, we directly link a diverse network of broker-dealers that provide liquidity and execution services for a wide spectrum of securities. We organize these securities into marketplaces to better inform investors of opportunities and risks – OTCQX®, The Best Marketplace with Qualified Companies; OTCQB®, The Venture Stage Marketplace with U.S. Reporting Companies; and OTC Pink®, The Open Marketplace with Variable Reporting Companies. Our data-driven platform enables investors to easily trade through the broker of their choice at the best possible price and empowers a broad range of companies to improve the quality and availability of information for their investors. To learn more about how we create better informed and more efficient financial marketplaces, visit www.otcmarkets.com.
OTC Link ATS is operated by OTC Link LLC, member FINRA/SIPC and SEC regulated ATS.
SOURCE OTC Markets Group Inc.