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www.otcbb.com.cn |
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History of OTCBB
In June 1990, the OTCBB began operation, on a pilot basis, as part of important market structure reforms to provide transparency in the OTC equities market.The Penny Stock Reform Act of 1990 mandated the U.S. Securities and Exchange Commission (SEC) to establish an electronic system that met the requirements of Section 17B of the Exchange Act. The system was designed to facilitate the widespread publication of quotation and last-sale information. Since December 1993, firms have been required to report trades in all domestic OTC equity securities through the Automated Confirmation Transaction ServiceSM(ACTSM) within 90 seconds of the transaction. In April 1997, the SEC approved the operation of the OTCBB on a permanent basis with some modifications, and in May 1997, DPPs became eligible for quotation on the OTCBB.In April 1998, all foreign securities and ADRs that are fully registered with the SEC became eligible for the display of real-time quotes, last-sale prices, and volume information on the OTCBB. On January 4, 1999, the SEC approved the OTCBB Eligibility Rule. Securities not quoted on the OTCBB as of that date will be required to report their current financial information to the SEC, banking, or insurance regulators in order to meet eligibility requirements. Non-reporting companies whose securities were already quoted on the OTCBB will be granted a grace period to comply with the new requirements. Those companies will be phased in beginning in July 1999 and by June 2000, current financial information about all domestic companies that are quoted on the OTCBB will be publicly available.
译文：OTCBB的历史 1990年6月，在试点的基础上，作为增加OTC市场透明度结构改革的重要部分，OTCBB开始运作。根据美国证监会（SEC）1990年《便士股票改革法》的要求设立电子系统，以符合交易法的“17B”规则。 该系统设立目的是为了便于广泛发布最新报价及成交价格信息。从1993年12月起，所有美国国内的OTC证券在交易后90秒内必须通过自动确认交易服务系统（ACTSM）进行报告。 1997年4月，美国证监会（SEC）批准对OTCBB作了一些永久性的调整，同年5月，“直接参与计划”(DPPs)成为OTCBB上报价的金融品种。1998年4月，所有在SEC完全注册了的外国证券以及ADR都开始通过OTCBB对有关实时价格、最新交易价及成交量等方面的情况进行公布。 1999年1月4日，SEC批准了《OTCBB监管规则》。要求在OTCBB报价的金融品种必须向SEC以及有关金融保险监管机构报告当前的财务状况，以符合OTCBB监管规则。此前已经在OTCBB上的公司，给与一定的宽限期进行报告，以符合新的要求。这些公司逐 步在1999年7月开始，可以通过OTCBB上查到公开的企业信息与财务资料，并于2000年6月前，所有在OTCBB的公司都达到了这个要求。
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