VANCOUVER, June 16, 2014 /CNW/ - We are pleased to announce that the OTC
Markets Group Inc. (the "OTC Group"), which operates three tiered securities markets on which securities of
thousands of U.S. and global companies are traded, has appointed Clark
Wilson LLP as the first Canadian Designated Advisor for Disclosure ("DAD") for companies incorporated in the United States, and a Principal
American Liaison ("PAL") for companies incorporated outside of the United States.
"We are delighted to be the first Canadian law firm chosen for this
appointment," said James Speakman, Clark Wilson's Managing Partner. "Until now, only DAD/PALs who were domiciled in the
United States have been appointed by the OTC Group."
To align the OTC marketplace more closely with venture stage markets
focussed on smaller growth and developing stage companies, the OTC
Group has recently made changes to the OTCQB, effective May 1, 2014,
which will, among other things, have the following impact:
Issuers seeking to trade on the OTCQB will be required to meet a new bid
price test (of $0.01), file an application with the OTC Group, pay an
initial application fee and an annual listing fee, and submit an annual
OTCQB Certification signed by the CEO or CFO.
For the first time, securities of international reporting companies that
trade on a qualified foreign exchange (including the Toronto Stock
Exchange, the TSX Venture Exchange and the Canadian Securities
Exchange) and that are eligible for the SEC's 12g3-2(b) registration
exemption will be eligible for quotation on OTCQB without being
required to register with the SEC or the FDIC. As with the OTC Group's
top tier market, the OTCQX, these qualified international reporting
companies must be sponsored by a third party investment bank, law firm
or ADR Bank that has been approved by the OTC Group to act as a PAL.
Approved PALs provide listed international reporting companies with
knowledgeable advice about U.S. securities laws.
Clark Wilson's Corporate Finance & Securities Group consists of 14 lawyers; seven are
members of at least one U.S. state bar association and have a strong
history in practicing in the U.S. For information regarding the listing
of your company on the OTCQB or the OTCQX markets in the United States,
please contact any member of Clark Wilson's Corporate Finance & Securities Group.
About Clark Wilson
Clark Wilson is a leading, innovative law firm in British Columbia comprised of 78
accomplished lawyers, and 130 support staff. We have been recognized by
Canadian Lawyer magazine as one of western Canada's top 10 regional
firms. Proud to be leaders in our markets, we are celebrating over 100
years of advising our clients on a comprehensive range of commercial
SOURCE: Clark, Wilson
For further information:
Partner, Clark Wilson LLP