NASD Notice to Members 98-007 - January 1998

Unregistered Foreign Equities and ADRs No Longer Eligible for Quotation in OTC Bulletin Board; Effective April 1, 1998

Executive Summary

Effective April 1, 1998, foreign equities and American Depositary Receipts (ADRs) that are not registered with the Securities and Exchange Commission (SEC) under Section 12 of the Exchange Act will no longer be eligible for quotation in the OTC Bulletin Board® (OTCBB). Ineligible securities currently quoted in the OTCBB will be removed on April 1. In addition, beginning April 1, last sale transaction reports for all eligible foreign equities and ADRs that are quoted in the OTCBB will be disseminated on a real-time basis in the same manner as domestic OTC equity securities. These rule changes do not affect the quotation of domestic securities quoted in the OTCBB.