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Over-the-Counter Markets Issuers

Regulation 51-105 respecting Issuers Quoted in the U.S. Over-the-Counter Markets (the “Regulation”) came into force on July 31, 2012. Under the Regulation, an issuer is an OTC reporting issuer in Québec if it satisfies the following conditions:

  • it has issued a class of securities that are quoted on any of the following U.S. over-the-counter markets:
    • OTC Bulletin Board (« OTC BB »)
    • OTC Markets
    • OTC QX
    • OTC QB
    • OTC Pink
  • it has not issued any class of securities that are listed or quoted on one or more of the following:
    • The TSX Venture Exchange Inc.
    • The TSX
    • The Canadian National Stock Exchange
    • The Alpha Exchange
    • The New York Stock Exchange
    • The NYSE MKT (formerly NYSE Amex)
    • The NASDAQ Stock Market.
  • it has a significant connection to Québec if one or more of the following apply:
    • on or after July 31, 2012, its business has been directed or administered in or from Québec;
    • on or after July 31, 2012, promotional activities have been carried on in or from Québec;
    • the ticker-symbol date is on or after July 31, 2012, and, on or before the ticker-symbol date, the issuer distributed a security to a person resident in Québec and that security is of the class of securities that became the issuer’s OTC-quoted securities.

Due to the regulatory framework some OTC reporting issuers are subject to in a territory outside of Canada and the fact that some issuers are not aimed by the objectives of Regulation 51-105, the Autorité des marchés financiers rendered the decision n° 2012-PDG-0161 which we invite you to consult.

For more information on the OTC reporting issuers requirements, please consult the following documents: