OTC Markets Application for Foreign Private Issuers

Summary

This practice note discusses applications to the over-the-counter (OTC) markets by international (i.e., non-U.S.) companies, including foreign private issuers (FPIs). If a company wishes to list its securities on a national securities exchange (such as the New York Stock Exchange (NYSE) or The Nasdaq Stock Market (Nasdaq)), it must register and make reports pursuant to Section 13 (15 U.S.C. § 78m) or 15(d) (15 U.S.C. § 78o) of the Securities Exchange Act of 1934, as amended (Exchange Act). However, certain international companies may have their securities quoted on OTC markets whether or not they are a reporting company. The largest of these markets is OTC Markets Group, formerly known as "Pink Sheets." This practice note provides information on the background and structure of OTC Markets Group, as well as guidance for international companies seeking to join the OTC Markets Group.