On December 14, 2015 the OTC Markets Group announced that they were strengthening the standards for their OTCQX tier. This is just one more step in the OTC Markets Group's ongoing mission to increase its status among regulators and investors.
Changes include; the strengthening of the financial standards (including a continuing penny stocks prohibition), addition of corporate governance standards for U.S. companies and banks, and aligning "OTCQX U.S. Premier tier standards with financial standards of markets recognized by many states for Blue Sky law issuer exemptions".
While the majority of changes were financial, changes to corporate governance standards for US issuers and banks include:
A minimum of two independent directors on the board of directors;
An audit committee composed of a majority of independent directors;
Conduct annual shareholders' meetings and submit annual financial reports to shareholders at least 15 calendar days prior to such meetings.
To see the OTC Markets Group's full press release, click HERE.
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