FAQs

Companies that trade on our markets span a broad range of sectors, from the ADRs of large cap conglomerates to small and micro-cap growth companies, SEC reporting companies and community banks; and across all major industries, including metal and mining, financial services, oil & gas, utilities, telecommunications, media, pharma & bio tech, and many others. To create clarity in the investment process, we organize these securities into three tiered markets - OTCQX, OTCQB and Pink - based on the quality and quantity of information companies make available. The 12,000 securities on our markets are traded through our SEC-registered Alternative Trading System, OTC Link® ATS.

The information in a Verified Company Profile has been confirmed by a representative of the OTCQX, OTCQB or Pink company within the previous 6 months. A Verified Company Profile is identified by a green checkmark on the company's profile page on otcmarkets.com. OTCQX and OTCQB companies are required to maintain a Verified Company Profile. Company representatives can learn how to update their company's profile here.

The skull and crossbones warning indicates that a company has a Caveat Emptor (or buyer beware!) status. This means that there is a public interest concern involving the security, company or its management. Click here to learn more about the Caveat Emptor Policy.

Generally, OTC Markets Group will remove the Caveat Emptor designation once the company meets the qualifications for Pink Current Information, has verified the information on its company profile on www.otcmarkets.com, and OTC Markets Group has determined that there is no longer a public interest concern, typically no sooner than 30 days. Information on how to qualify for the Pink Current Information market designation can be found here. During the time it is labeled Caveat Emptor, any stock that is not in Pink Current Information will also have its quotes blocked on www.otcmarkets.com.

Click here to learn more about the Caveat Emptor Policy.

An American Depositary Receipt (ADR) represents ownership in the shares of a non-U.S. company that trades in U.S. financial markets. ADR programs are created by depositary banks in order to help global companies gain access to U.S. investors and to respond to market demand. An ADR program issues American Depositary Shares (ADS) which carry prices in U.S. dollars, pay dividends in U.S. dollars, and may be traded like the shares of U.S.-based companies. Since the ADR is based on the common shares of the non-U.S company, the price of an ADR will often move in sync with the price of the underlying common shares once the ADR to common share ratio and currency rate is considered.

A sponsored ADR is where the company has a formal agreement with the depositary bank issuing the shares of the ADR. Conversely, no agreement is in place for an unsponsored ADR. For unsponsored ADRs, the depositary bank establishes the ADR with or without the consent of the company. Unsponsored ADR programs may not provide shareholders with all the benefits of direct ownership (i.e., voting rights) that are often granted to sponsored ADR shareholders.

Our dedicated Corporate Services team is well versed in cross trading in the U.S. and can help you determine your best option. Contact us to learn more.

While some U.S. investors can trade directly in a foreign company's local market, many U.S. investors prefer to see quotes in U.S. dollars during their regular trading hours. To provide this access and to facilitate trade reporting, broker-dealers create trading symbols, or tickers, of foreign securities in the U.S. These tickers are 5 letters long and end with the letter F. As such, they are traditionally called F shares or, foreign ordinary shares.

U.S. investors can trade F shares in U.S. dollars during U.S. trading hours through the retail, online or institutional broker-dealer of their choice. Read our FAQ on Ordinary Shares.

When SEC registration is not required, companies must generally still make information publicly available pursuant to Rule 10b-5 under the Exchange Act and pursuant to Rule 144(c)(2) under the Securities Act. OTC Markets Group offers the Alternative Reporting Standard for companies who choose to make material information publicly available to investors. The Alternative Reporting Standard is available for OTCQX U.S. companies and for Pink companies seeking to qualify for the Current Information tier. For more information, see Reporting Requirements.

Retail investors must execute their transactions (buy and sell orders) in OTCQX, OTCQB and Pink securities through a registered broker-dealer. Please contact a broker to learn more.

General information on how OTC trading works is available in OTC Markets 101: Part 2 — Trading.

As a market operator, it is our policy not to comment on any specific company’s application process as this is non-public information. Please view the the Pink Market section of our website to see which documents companies are required to post to qualify or other qualifications regarding status.

Please note that even if a company posts all of the required disclosure, late filings and deficiencies in the information posted can cause a company to remain in the Limited or No Information tiers.  

Each flag that appears on a quote page on otcmarkets.com includes a tool tip explaining the purpose of the flag. Additional information on investor protection is available here.

A complete list of our compliance designations and risk flags can be accessed here.

Additional information about a security may be found on the company profile page on our website by typing the ticker symbol in the “quote” search bar. Company profile information may include quotation and security information, company financials, home trading market.

We publish company market tier changes within the Corporate Actions Page on our website. Select venue changes to see the full list.

OTCQX and OTCQB companies that fall out of compliance with market rules or eligibility standards are informed of the deficiency and provided a cure period prior to being downgraded.

OTC Markets provides an RSS feed that can be utilized to see new disclosure information. Our RSS feed is limited to individual use. Please contact OTC Markets Group if you would like to distribute content included in our feed. An agreement with OTC Markets Group is required to distribute our RSS Feed.

Please send an email to reportpromotion@otcmarkets.com with this information, noting the ticker and any relevant examples.

You can find additional information on our Stock Promotion policy here.

You can submit your complaint in writing to issuers@otcmarkets.com. However, please be aware that OTC Markets is not a regulatory agency. We suggest that you also contact the appropriate regulator, such as the SEC or FINRA.

Our policy is to keep the promotion flag on a security for 15 days after we are aware of the last distribution of promotional material. You can find additional information here.

The OTC Markets Group Prohibited Service Provider List includes attorneys, accountants, auditors, investor relations firms and other service providers that have been convicted of criminal activity, are subject to an SEC or Penny Stock bar, or that OTC Markets Group has determined not to work with based on questions regarding the reliability of their work. Attorneys that appear on this list may not provide Attorney Letters with respect to Current Information pursuant to OTC Markets Attorney Letter Guidelines.

Relevant service providers can apply to be featured in our Premium Provider Directory here.

As a market operator, we do not make recommendations or give investment advice. Please speak to your broker or financial advisor.

Securities traded on OTC Link® ATS are organized into three markets to better inform investors. The OTCQX Best Market is for established, global, and growth companies. OTCQX companies must meet high financial standards, follow best practice corporate governance and demonstrate compliance with U.S. securities laws. The OTCQB Venture Market is for entrepreneurial and development stage companies that are not yet able to qualify for OTCQX. OTCQB companies must be current in their reporting and must undergo an annual verification and management certification process. The Pink Market is for broker-dealers to trade all types of securities without requiring company involvement.

To get quoted as a OTCQX, OTCQB and Pink security, a company must find one broker-dealer willing to quote their stock on OTC Link® ATS. Only SEC-registered broker-dealers, that are members of the Financial Industry Regulatory Authority (FINRA), can quote securities. The broker-dealer must file a Form 211 with FINRA in order to initiate the process. Once FINRA approves the Form 211, the market maker that filed the form can begin quoting the security on OTC Link® ATS. Click here to learn more about how to get traded.

Please reach out to our Corporate Services Sales team at sales@otcmarkets.com. You can find more information about trading on our markets here.

Current FINRA rules do not require the financial statements of non-SEC reporting issuers to be audited in order for them to clear a Form 211, but they should be prepared in accordance with GAAP or, for foreign issuers, in accordance with their home country's accounting standards. Audited financials must be available for companies in the OTCQX and OTCQB markets. To qualify for Pink Current Information, companies that do not file with the SEC and do not publish audited financials must provide an Attorney Letter with Respect to Current Information. Audited financials are not required for Pink Limited Information companies. Companies in Pink No Information may not have recent financial information available.

OTC Markets Group policy requires that companies report suspensions and/or terminations of their SEC reporting obligations before providing information pursuant to the Alternative Reporting Standard. Such issuers must file a Form 15 (or other applicable Form) to indicate to investors and to OTC Markets Group that the Company is no longer subject to SEC reporting obligations. OTC Markets’ policy regarding the filing of a Form 15 is also applicable in the case of an “automatic” suspensions of reporting obligations pursuant to Exchange Act Rule 12h-3. (See SEC Question 108.01).

OTC Markets will generally update a Company’s reporting standard from “SEC Reporting” to “Alternative Reporting” when the Form 15 becomes effective, typically 90 days from the date a Form 15 is filed. During the 90 day window, OTC Markets may continue to look to the Company’s available SEC filings to determine its current information status under SEC Rule 15c2-11. For example, if the Company fails to file a quarterly report during the 90 day window, it may be designated as “Limited Information” or moved to the Expert Market. OTC Markets may update the Company’s reporting standard prior to the effective date, upon written confirmation from the Company that its SEC reporting obligation has ceased and all required filings have been made.

Companies that file a Form 15 will generally be considered Alternative Reporting and may subscribe to the OTC Disclosure & News Service. The service allows companies to publish information pursuant to the Alternative Reporting Standard and update company profile information (including company location, business description, etc.). OTC Markets may ask that companies that have filed a Form 15 to publish its most recent Annual Report (10K) via the OTC Disclosure & News Service.

Companies that no longer meet the requirements, or request to be removed, will be removed from OTCQX and OTCQB. Generally, those securities will begin trading on the Pink market. The only way to remove a company from the Pink market is for all of the broker-dealers to stop quoting it. Companies are required to contact FINRA Operations if their securities no longer exist, but are still being quoted. FINRA will investigate and, if appropriate, eliminate the trading symbol and inform OTC Markets Group that they have done so. OTC Markets Group will then remove the quotations in this security.

FINRA assigns all trading symbols for companies trading on our markets. Any security that does not already have a symbol will be assigned one when FINRA clears the Form 211. FINRA does not permit issuers or broker-dealers to choose trading symbols but may offer voluntary symbol changes for a fee. To request a symbol change, a company must contact FINRA Operations at +1 866.776.0800.

The company should contact FINRA's Operations Department at +1 866.776.0800 in order to change its trading symbol or name.

OTC Markets Group must receive notification of symbol or company name change from FINRA before any change will be made on the OTC Link® ATS or on OTC Markets Group's website or data feeds.

Companies should contact FINRA's Operations Department at +1 866.776.0800.

OTCQX and OTCQB companies should also notify OTC Markets Group's Corporate Services at 212.896.4420 (or by email at issuers@otcmarkets.com).

OTC Markets Group must receive confirmation of corporate actions from FINRA for all corporate actions before any change will be made on the OTC Link® ATS OTC Link® ATS or on OTC Markets Group's website or data feeds.

OTC Markets Group uses information provided by an issuer during the OTCQX and OTCQB Application process, including Personal Information Forms (PIFs) and Shareholder Lists (the 'Information'), solely for the internal purpose of reviewing and processing the issuer's application. OTC Markets Group will not publish, disseminate or otherwise distribute the Information to a third party other than at the request of a court, securities regulator or other state or federal agency. OTC Markets Group maintains this policy to ensure access to the Information is as limited as possible.

OTC Markets Group is not an investor or investment advisor. Best of luck with your new endeavor!

If an investor owns a stock that has been delisted from an exchange and is now quoted on OTC Link® ATS, nothing has changed with the shares themselves. Investors are still the beneficial owner of the stock and may trade it through the broker-dealer of their choice, but should check with their broker-dealer to make certain that they provide services in off-exchange traded securities. If not, investors will need to identify a broker-dealer that does provide services in these securities and is a FINRA member and SEC-registered.

Real-Time Level 1 Quotes can be found on www.otcmarkets.com on a company's quote page. All companies traded on the OTCQX Best Market and the OTCQB Venture Market sponsor Real-Time Level 2 quotes, free for investors on www.otcmarkets.com or on a company's corporate website. Many Pink companies also sponsor Real-Time Level 2 quotes for investors. Just check their quote page. Click here to learn more about how companies can sponsor Real-Time Level 2 Quotes.

Investors may also access Real-Time Level 1 and Level 2 quotes for OTCQX, OTCQB and Pink securities on various financial portals. For more information on where to access OTC Markets Group Market Data, please visit OTC Market Data Distributors & Websites.

Quotes for securities may not be available on www.otcmarkets.com for two reasons:

1. The security is an OTC, Other OTC, or Grey market security. 'OTC', 'Other OTC' or 'Grey Market' describe securities that are not currently traded on the OTCQX, OTCQB or Pink markets. Broker-dealers are not willing or able to publicly quote OTC securities because of a lack of investor interest, company information availability or regulatory compliance. OTC securities are indicated on www.otcmarkets.com by a grey triangle next to the symbol or on the top right of the quote page.

2. There is no inside market for the security. For securities without the Level 2 quote display, a best bid and ask will not be shown if there is not an 'inside' market. An "inside" market is defined by OTC Markets Group as two priced quotation on the respective side of the market (either bid or ask). If the security does not satisfy this requirement then 'No Inside' will be displayed on www.otcmarkets.com

Yes — short selling is allowed for OTCQX, OTCQB and Pink securities. You may find the short interest (amount of shares sold short) for specific securities by selecting the "Short Sale" tab within the Quote page or by going to the Short Sales Data page.

No - trade reporting rules designed to limit the double-counting of volume went into effect in 1999. In light of the growth and evolution of the structure of Nasdaq and the over-the-counter (OTC) market, the NASD (now FINRA) extended the riskless principal exception to Market Makers. Thus, certain matching principal trades involving a Market Maker are now explicitly included within the riskless definition, and reported to the public tape only once. Read the NASD Notice here.

The fifth character is a special identifier which is assigned by FINRA and designed to give more information about the security. Learn about fifth characters. A few of the most common can be found below:

F —Foreign Ordinary

P — Preferred Share

Q —Bankruptcy

Y — American Depositary Receipt (ADR)

Only FINRA or the SEC can halt trading in OTCQX, OTCQB and Pink securities. Unlike exchange-listed securities, OTC traded securities are not halted for the dissemination of company news, except in the case of non-U.S. securities, which may be halted for news in conjunction with a halt on the home-country exchange.

When a security is suspended or halted, OTC Markets Group removes all quotes from the system and displays a 'Halted/Suspended' message.

SEC suspensions for OTCQX, OTCQB and Pink securities have a duration of 10 business days. After the suspension ends, broker-dealers may re-enter their quotes if they comply with Rule 15c2-11. This rule requires the filing, with FINRA, of a new Form 211 which must include the company's current financial information.

Trading in OTCQX, OTCQB and Pink securities may take place Monday-Friday from 6:00 AM to 5:00 PM. The majority of quoting and trading occurs between the open market hours of 9:30 AM to 4:00 PM (Eastern); however, market participants are free to quote and trade at any time as long as they comply with current regulations (e.g., FINRA Best Execution). For updates on holidays and hours, click here.

A number of jurisdictions recognize the OTCQX and OTCQB markets as securities manuals for purposes of each jurisdictions manual exemption. All OTCQX and OTCQB companies are required to have current financial and business information displayed on the www.otcmarkets.com website. When a company ceases to be traded on the OTC market, OTC Markets Group maintains a historical archive of its information but no longer displays the information on the www.otcmarkets.com website.

OTC Markets Group maintains the historical archive and will make it available to market participants by submitting a request to issuers@otcmarkets.com with the subject line: Blue Sky Archive Request.

Fees: There is no charge for this service for smaller requests that can be accommodated quickly and easily by staff. There may be a fee for archive requests that require significant time to complete or for requests that involve multiple securities or dates.

Retail investors must execute their transactions (buy and sell orders) in OTCQX, OTCQB and Pink securities through a registered broker-dealer. Please contact a broker to learn more.

You can sign up for our newsletter to learn more about our markets.

Additional information about a security may be found on the company profile page on our website by typing the ticker symbol in the “quote” search bar. Company profile information may include quotation and security information, company financials, home trading market.

Please reach out to your broker directly with any questions regarding trading OTC securities.

You can read more about more about how companies get quoted on our markets here.

Company contact information may be available on a company’s quote page on www.otcmarkets.com. You can also reach out to the company’s transfer agent or the SEC for more information.

An ECN is an Electronic Communications Network, which matches, routes and executes orders.

OTC Link LLC, member FINRA/SIPC and SEC regulated ATS, operates OTC Link ATS and OTC Link ECN.

The goal of the ECN is to provide additional functionality to our broker-dealer community and help expand trading options in OTC equity securities.

The ECN allows broker-dealers a fully anonymous trading experience, where orders are handled electronically.

No. The ECN is only available to registered broker-dealers that subscribe to OTC Link ECN, either through OTC Dealer or various connectivity providers.

OTCX is the Market Participant ID (MPID) for OTC Link ECN.

Broker-dealer orders that aren’t matched on OTC Link ECN are routed or displayed as quotes on OTC Link ATS using the MPID OTCX.

No. OTCX is used to display broker-dealer quotes as described above. OTC Link ECN has no proprietary trading, is not a market maker and does not hold a position in the securities represented using the MPID OTCX.

Currently there are nearly 6,000 securities enabled for trading on the ECN. This list may expand as trading volume on the ECN increases.

Blue Sky laws are state laws that regulate the offering and sale of securities.  The phrase “Blue Sky law” originated in the early 1900’s as a reference to the empty promises made as part of some fraudulent sales of securities.   Blue Sky laws were designed to help investors make informed decisions by mandating that companies disclose accurate and current information when offering or marketing securities.

Blue Sky laws regulate companies, brokers and investment advisers when participating in an offering of new stock, distributing research reports, or soliciting trades from customers.  Blue Sky laws do not prevent a retail broker from executing a self-directed (unsolicited) customer’s buy or sell order.  Investment professionals across the country must consider Blue Sky laws when determining where they can solicit or recommend securities.

Consider the example of John Smith, an investor in the (fictional) state of Ames who is interested in buying stock in ABC Corp.  John has read through ABC Corp.’s Annual and Quarterly reports, recent press and research reports, and feels confident about making a new investment.  However, before he makes a final decision, he wants to check with his broker first.  If ABC Corp. is not in compliance with the Blue Sky laws of the state of Ames, his broker is not permitted to offer John any advice.  Similarly, if John has a managed account in Ames, the account can only hold the securities of companies in compliance with Ames’ Blue Sky laws.

Companies not listed on a national exchange, must comply with individual state Blue Sky laws.  Each state’s Blue Sky laws may differ and it can be extremely difficult for even the most compliance-focused companies to qualify in all jurisdictions. Regulators and brokers across the country rely on disclosure-based “manual exemptions” from individual state Blue Sky laws.

A manual exemption generally allows for secondary trading of qualifying companies as long as certain financial standards are met and key information about the company is published in a nationally recognized securities manual or its electronic equivalent. Forty-five U.S. states and jurisdictions maintain some form of manual exemption, and each state determines which manuals qualify under its rules.

OTC Markets Group began working with individual state regulators and the North American Securities Administrators Association (NASAA) to have the OTCQX and OTCQB markets recognized as the electronic equivalents of securities manuals for the purposes of each state’s manual exemption. These markets now qualify for secondary trading exemptions in a majority of states.

• OTCQX and OTCQB companies publicly disclose the company information required to be published in a securities manual

• OTCQX and OTCQB company disclosure is widely available for free to investors on otcmarkets.com, alongside real-time pricing, a repository of each company’s prior public disclosures, corporate action history, independent research from third parties and tools for use in and investor’s due diligence process

• OTCQX and OTCQB companies must meet eligibility standards and ongoing information disclosure requirements

• Companies that fail to meet these standards or become delinquent in providing the required information are removed from OTCQX or OTCQB

The Manual Exemption only works if broker-dealers know which securities manuals are recognized in each jurisdiction. If a state does not affirmatively name recognized manuals, broker-dealers, clearing firms and third-party Blue Sky compliance providers do not give effect to the jurisdiction’s manual exemption, and in fact operate as though the exemption does not exist.

To date, our markets have been recognized by 35 States through administrative orders, no-action letters, regulation changes and existing exemptions.

We do not offer APIs for market data, however many third-party market data vendors may do so. You can find a few of them on our Market Data Vendors page. Please reach out to them directly with any questions regarding APIs.

A variety of third-party market data vendors offer Level 1 and Level 2 quotes for OTC securities to individual investors. You can find a list on our Market Data Vendors page. Please reach out to them directly with any questions regarding pricing.

Canari is designed for compliance and risk professionals at registered broker-dealers, investment advisers and other entities regulated by U.S. or foreign regulatory authorities to quickly view key risk data points across the market and drill down into security specific elements essential for broker-dealer compliance. For more information on Canari please contact marketdata@otcmarkets.com

OTC Markets Group

OTC Link

EDGAR Online

Yes, OTC Markets Group uses the same Routing and Account number for WIRE or ACH payments.

OTC Markets Group uses Yaypay/Quadiant AR as an online payment portal for OTCQX, OTCQB, Disclosure and News Services and Market Data subscribers.

Please refer to your initial invoice email as your payment link is embedded in that communication.

You may forward this link to an authorized payor on the account, which will allow them to make the payment.

For the majority of Corporate and Market Data Services, OTC Markets Group uses Yaypay/Quadiant AR as an online payment portal and through this payment portal, OTC Markets Group accepts all major Credit Cards for payment with no additional fee.

OTC Markets Group does NOT accept Credit Card payments over the phone.

No, OTC Markets Group does not charge a processing fee for payments made by ACH, Wire or Credit Card.

No, OTC Markets Group Inc, OTC Link LLC and Edgar Online LLC have domestic accounts only. Please send funds in USD only.

OTC Markets Group only accepts payments in U.S. Dollars.

If your payment was made through our online billing portal, Yaypay/Quadiant AR, a receipt was sent to the email on file which made the payment.

If your payment was made directly through Wire/ACH, the transaction from your bank account serves as a receipt. If needed please email otcmarketsgroupbilling@otcmarkets.com with the bank confirmation and our team will verify.

If you’ve paid by check, please allow 10 business days for your payment to be received. After that, if you still require confirmation please reach out to us via email at otcmarketsgroupbilling@otcmarkets.com with your customer number and invoice number and we will be able to confirm payment.

If your payment was paid through a Wire/ACH, your Wire/ACH number serves as your confirmation.

You can download:

OTC Markets Group Inc. W9

OTC Markets Group Inc Certificate of Residency

EDGAR Online LLC W9

Please email otcmarketsgroupbilling@otcmarkets.com for the OTC Link LLC W9.

OTC Markets Group TAX ID is: 13-3941069

OTC Link TAX ID is: 27-2491335

EDGAR Online TAX ID is: 92-0896454

For OTCQX, OTCQB, or Disclosure and News Services Subscribers, please log on to OTCIQ. You will be able to update your billing email and contact details through the OTCIQ portal by:

1. Log into www.otciq.com

2. Select “Verify Company Profile” from the left-hand navigation and you will have the opportunity to view and update all the profile information that is publicly displayed on www.otcmarkets.com for your company as well as non-public contact details

3. To update Billing Address under “Company Details” click on edit and save your changes

4. To update Billing Contact: Scroll down to “Contacts” To add click on “+” and add new contact information (name, email address and phone number and contact type) and save

5. To edit individual contact name, click on name and edit contact type and save

6. At the end of the form, hit “Submit Profile.” A staff member will review the information you submit and may contact you if necessary. Your changes should be processed within 2 business days

If you need further assistance, please email issuers@otcmarkets.com

For Advisors, Premium Provider Directory Members, Market Data and OTC Link LLC subscribers please email otcmarketsgroupbilling@otcmarkets.com with your customer name, number and update required.

For EDGAR Online LLC please email contactsupport@edgar-online.com with customer name, number and a description of the requested change.

For OTCQX, OTCQB, or Disclosure and News Services Subscribers please email issuers@otcmarkets.com with the requested change.

For Advisors, Premium Provider Directory Members, Market Data and OTC Link LLC subscribers please email otcmarketsgroupbilling@otcmarkets.com with your customer name, number and update required.

For EDGAR Online LLC please email contactsupport@edgar-online.com with customer name, number and a description of the requested change.

Here is our Corporate Code of Conduct

After referencing the above link if there are additional items you need completed, please email otcmarketsgroupbilling@otcmarkets.com

Per our policy OTC Markets Group, Inc., Edgar Online LLC nor OTC Link LLC cannot sign up for third party payment/invoice submission portals. Invoices are distributed via email to a designated customer email address.

OTC Markets Group issues invoices in advance to ensure your company pays the bill within the compliance window. Companies that pay after the invoice date are subject to compliance review/ deficiency notice.

For OTCQX, OTCQB, Disclosure and News Services Subscribers, Advisors or Premium Provider Directory Members please email issuers@otcmarkets.com.

For EDGAR Online LLC subscribers please email otcmarketsgroupbilling@otcmarkets.com with your customer name, number and a description of the requested change.

For Market Data subscribers please email teresa@otcmarkets.com with your customer name, number and a description of the requested change.

For OTC Link LLC please email link@otcmarkets.com.

OTC Markets Group Inc.

300 Vesey Street (One North End Ave), 12th Floor

New York, NY 10282

For Information on our other offices please visit our Contact Us Page

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