Rel. No. 43633 / November 29, 2000
Admin. Proc. File No. 3-10363
__________________________________________ In the Matter of the Application of PINNACLE BUSINESS MANAGEMENT, INC. For Review of Action Taken by the NATIONAL ASSOCIATION OF SECURITIES DEALERS, IN _________________________________________
ORDER REMANDING PROCEEDING TO REGISTERED SECURITIES ASSOCIATION
On November 15, 2000, Pinnacle Business Management, Inc. filed an application for review of, and a motion to stay, a limitation of access to services by the National Association of Securities Dealers, Inc. ("NASD"). In its motion, Pinnacle stated that, on March 9, 2000, the NASD had concluded that Pinnacle securities were eligible for quotation on the OTC Bulletin Board ("OTCBB"), pursuant to NASD Rules 6530 and 6540 (the "Eligibility Rules"). However, on October 18, 2000, Pinnacle received notice that the NASD had determined that Pinnacle no longer satisfied the Eligibility Rules' requirements. The NASD further informed Pinnacle that its symbol would be removed from the OTCBB on November 20, 2000.
On November 17, 2000, the NASD filed an unopposed motion to remand. The NASD stated that it has determined to grant Pinnacle a hearing pursuant to the NASD Rule 9700 Series as to whether Pinnacle's securities are eligible for quotation on the OTCBB. The hearing is scheduled for December 8, 2000, and the NASD represents that it will not take any action to remove the quotations of Pinnacle's securities from the OTCBB before a determination is made by the NASD Hearing Panel with respect to Pinnacle's continued eligibility. The NASD further represents that Pinnacle has "indicated that it will not oppose this Motion for Remand."
We find it appropriate to grant the NASD's request to remand this proceeding. At the conclusion of this proceeding,
should Pinnacle remain dissatisfied with the NASD's determination, it may seek our review under the Securities Exchange Act of 1934. We do not intend to suggest any view on the outcome.
Accordingly, IT IS ORDERED that this proceeding be, and it hereby is, remanded to the National Association of Securities Dealers, Inc.
By the Commission.
Jonathan G. Katz
Secretary