The broker-dealer division of Chicago-based Zacks Investment Research, has been charged by the Securities and Exchange Commission for failure to supervise staff who traded on non-public material information. The action is a blow to the nascent Reg A research market, where Zacks has been the first and only traditional sell-side broker to offer equity research on Reg A issuers.
On May 3 the Securities and Exchange Commission sent out letters to companies who had failed to file their 1-K annual reports this year, reminding them they were supposed to file.
The filing, an abbreviated version of the traditional 10-K filed by larger companies, requires audited financial statements and a management report discussing year-to-year performance along with a complete update of the company’s business, ownership and executive staff.
The operator of the OTCQX, OTCQB and Pink financial markets announced it is offering an exemption for OTCQX companies that report under the Alternative Reporting Standard (ARS) to trade on the OTCQB Venture Market if they do not meet new, higher OTCQX financial standards and eligibility requirements that went into effect Jan. 1.