NEW YORK, Feb. 22, 2017 /PRNewswire/ -- OTC Markets Group Inc. (OTCQX: OTCM), operator of financial markets for 10,000 U.S. and global securities, today announced 20 states now recognize its premium markets for the purposes of their "Blue Sky Manual Exemption" for secondary trading.
The latest additions to the growing list of states that recognize the OTCQX® and OTCQB® markets are Arkansas, Georgia, Nebraska, New Jersey, Ohio, Oregon, South Dakota and Wisconsin. Idaho also issued an executive order recognizing the OTCQX market. The Texas State Securities Board passed a proposal recognizing OTCQX and OTCQB as securities manuals, which will become effective on February 26, 2017.
These new states join Alaska, Colorado, Iowa, Mississippi, New Mexico, Rhode Island, Washington and Wyoming, all of which recognize both the OTCQX and OTCQB markets. Kansas and Vermont recognize the OTCQX market. Each of the 20 states has tailored its approach to granting this exemption from no-action letters to rule changes and administrative orders.
"We are energized by the progress we've made in our campaign to help state regulators recognize our premium trading markets for the purposes of the Blue Sky Manual Exemption," said R. Cromwell Coulson, President and CEO of OTC Markets Group. "Our OTCQX and OTCQB markets are designed to serve investors' need for current public information. Gaining recognition from 20 states puts us one step closer to our goal of national Blue Sky recognition."
State Blue Sky laws generally help investors make informed decisions by mandating that companies disclose accurate and current information when offering or marketing securities. Regulators and brokers across the country rely on disclosure-based manual exemptions from individual state Blue Sky laws. Forty-four U.S. states and jurisdictions maintain manual exemptions, which generally allow for secondary trading of qualifying companies as long as certain key information about the company is published in a nationally recognized securities manual or its electronic equivalent. Each state determines which manuals qualify under its rules.
OTC Markets Group continues to actively work with other states that maintain a Blue Sky Manual Exemption and inform them of the easily accessible current disclosure available on OTCQX and OTCQB securities at www.otcmarkets.com. The Company is committed to working with the North American Securities Administrators Association (NASAA) and the remaining states to determine how best to qualify OTCQX- and OTCQB-traded securities based on their unique regulatory environment.
About OTC Markets Group Inc.
OTC Markets Group Inc. (OTCQX: OTCM) operates the OTCQX® Best Market, the OTCQB® Venture Market, and the Pink® Open Market for 10,000 U.S. and global securities. Through OTC Link® ATS, we connect a diverse network of broker-dealers that provide liquidity and execution services. We enable investors to easily trade through the broker of their choice and empower companies to improve the quality of information available for investors.
To learn more about how we create better informed and more efficient markets, visit www.otcmarkets.com.
OTC Link ATS is operated by OTC Link LLC, member FINRA/SIPC and SEC regulated ATS.
OTC Markets Group Inc., +1 (212) 896-4428, firstname.lastname@example.org
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SOURCE OTC Markets Group Inc.