OTC Markets, the operator of three U.S. over-the-counter equity markets, is implementing stricter reporting standards and eligibility requirements for its venture-stage market, Reuters reports. The aim is to promote transparency and to minimize the opportunity for stock scams.
On May 1, a new minimum 1 cent bid price requirement will be introduced for its OTCQB market. New regulations will also require a company’s chief executive or chief financial officer to certify that its reporting obligations are up to date and that all disclosures regarding shareholdings, officers and corporate profile are correct, Reuters reports.
