Source: Attorney-CPA, The,  Spring 2006  by Loev, David M,  Gillies, John S

On November 16, 2005, the Securities and Exchange Commission (the “Commission”) approved a proposed rule change to the National Association of Securities Dealers (”NASD”) Rule 6530, (the “Eligibility Rule”). Under the rule change, Over The-Counter Bulletin Board (”OTCBB”) issuers that fail to file a “Periodic Report” (10-Q’s, 10-K’s, 10-QSB’s and 10-KSB’s) with the Commission on the due date of such report, or after such extension provided by the filing of a Form 12b-25, three (3) times in any 24-month period are removed from quotation on the OTCBB for a period of one ( 1 ) year following such removal. The new rule applies to any reporting period ending after October 1, 2005.

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