Whitepapers

There is an increasing amount of research and analysis being published about subjects related to our market by industry professionals and academics. Below is an abridged list of some existing literature:

The Impact of the Jobs Act

For a list of recent whitepapers relating to the JOBS Act, please visit our JOBS Act Resource Center

OTCQX International

  • Canadian Issuers Planning to Seek Admission to Trade on OTCQX/OTCQB
    McMillan
    “[T]he SEC has introduced significant regulatory changes that have made the OTCQX substantially more attractive as an alternative US capital market for more senior Canadian and other non-US companies. At the same time, innovations introduced by OTC Markets Group in connection with the reorganization of the OTC market have established the OTCQB as a transparent and viable trading platform for venture stage companies which cannot qualify for listing on a US national securities exchange or the OTCQX.”
  • Trans-Atlantic Information Flow: Making Sure North American Investors Don't See Blank Screens
    PR Newswire and OTC Markets Group
    “Why are some European companies with securities traded off exchange disappointed by the lack of penetration and volumes of trades among US investors? And by contrast why are some so markedly successful in gaining a bigger US investor presence on their register?”
  • Dorsey & Whitney LLP: Guide to Joining the OTCQX and the OTCQB Marketplaces for Canadian and other Foreign Issuers
    Dorsey & Whitney LLP
    “An OTCQX listing can provide an effective alternative to listing on the New York Stock Exchange (“NYSE”), the NYSE Amex or Nasdaq and provide liquidity for investors in both Canadian and U.S. marketplaces.”
  • DR Advisor Insights
    JP Morgan
    "[T]he liquidity of a company’s ADRs is, in effect, at least equal to the liquidity of its shares in its home market. Accordingly, an investor should not look at U.S. trading volume alone when evaluating a non-U.S. company or the use of ADRs as a means to invest in it."
  • The Guide to a Dual Listing on the OTC Markets     English | Japanese
    Feinstein Law
    "There is one exciting alternative that allows an international company gain access to the U.S. capital market by listing on while expending a fraction of the cost of traditional method, that is a dual listing on the OTC which is a fully electronic interdealer quotation system affording investors and broker-dealers access through online and full-service brokerage firms in the U.S."
  • Getting Quoted on OTCQX International | An Overview for Non-US Companies
    Schulte Roth & Zabel LLP
    “OTCQX International is attractive to many foreign issuers because it provides them with a cost effective way to expand their access to U.S. investors and increase liquidity."
  • Increasing Relative Value and Liquidity Through US Capital Market Access
    Taylor Rafferty
    ”Canadian-based companies with publicly traded equity in both the US and Canada, regardless of market capitalization, enjoy a notably greater level of liquidity.”
  • OTCQX International: Attractive US Trading Platform for Non-US Blue Chip Companies
    McDermott Will & Emery
    “Develop or maintain an active US investor base able to execute trades in United States markets, without incurring the burden, expense and often duplicative disclosure obligations imposed by US stock market listing rules and the resulting mandatory Exchange Act and Sarbanes-Oxley compliance.”
  • Listing Made Simple - Using Rule 12g3-2(b) to List International Companies on OTCQX
    Pillsbury Winthrop Shaw Pittman LLP
    “This memorandum explains (1) how the 12g3-2(b) exemption works, (2) discusses the extent and type of securities liabilities that international issuers become subject to when they list on OTCQX.”
  • The Impact of ADR Listing on Liquidity
    Professors Alex Frino, Elsa Di Marco and Dr. Andrew Lepone
    "OTC-traded ADRs have a more significant effect on the overall change in liquidity than exchange-traded stocks."
  • DTC Eligibility and Trading Canadian Company Stocks in the U.S.
    Burns Figa & Will P.C.

Regulation: Reporting & Disclosure Requirements for Companies

General Solicitation

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