September 14, 2005
Removing repeat untimely filers may help elevate the status of the OTCBB and lessen headaches for NASD employees, but moving them into the poorly regulated pinksheets doesnt protect the public. If our protection is truly the goal, NASD and SEC need to grow backbones and start properly regulating the smallcap market. All public companies, regardless of size and quotation service, should be required to file periodic financial reports. If delinquent in filing for say 60 days, trading on their stocks should be automatically halted and not allowed to resume until the late report is submitted. This is the kind of real action we need from market regulators. Pushing dust from one corner of the market into another may make you all feel good, but it doesnt do anything for us.
NASD is obviously tired of these late filers. I and others in the public are too. Please put some teeth behind what you do.