Over-the-Counter Markets Issuers

Regulation 51-105 respecting Issuers Quoted in the U.S. Over-the-Counter MarketsThis link will open in a new window(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 (pdf - 96 KB)This link will open in a new windowUpdated on August 15, 2012Décision which we invite you to consult.

For more information on the OTC reporting issuers requirements, please consult the Regulation 51-105 respecting Issuers Quoted in the U.S. Over-the-Counter Markets.