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NASD to Require Bulletin Board Companies to File Financial Reports
BE ADVISED: The board of the National Association of Securities Dealers, which runs the NASDAQ stock market, voted to require companies trading on the NASDAQ's Bulletin Board system to file quarterly financial statements with the Securities and Exchange Commission, banking or insurance regulators. The NASDAQ bulletin board covers about 7,000 companies. Previously, these companies were not required to file financial statements, and about one-half did not report their financials.
The NASD board also is requiring brokers recommending these securities, as well as the even less well known Pink Sheet stock listings, to review the companies' current financial statements before recommending them to customers, and to send investors a disclosure statement explaining the differences (less liquidity, greater volatility, etc.) between these stocks and the larger, more established stocks trading on the NASDAQ national markets.
Investors should demand this information and study it carefully before investing.
Source: Wall Street Journal
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