OTC Markets Group Inc. (OTCQX: OTCM), operator of financial markets for 10,000 U.S. and global securities, announced on Monday ten states are officially recognizing its premium markets for their “Blue Sky Manual Exemption” for secondary trading.
The new states, which are Alaska, Colorado, Mississippi, New Mexico and Rhode Island, reportedly joins the original four states to act Iowa, Vermont, Washington, and Wyoming. OTC Markets reveals Each of the ten states has tailored its approach to granting this exemption from no-action letters to rule changes and administrative orders. R. Cromwell Coulson, President and CEO of OTC Markets Group, stated:
“We are thrilled with the progress we’ve made in our campaign to aid state regulators in recognizing our premium trading markets for the purposes of the Blue Sky Manual Exemption. The OTCQX and OTCQB markets are built for the digital age, serving investors’ need for real-time access to current public information. Gaining recognition from 10 states, including Kansas which was the first state to enact Blue Sky Laws, is a major milestone in ultimately achieving our goal of national Blue Sky recognition.”
OTC Markets reported that Blue Sky laws help investors make informed decisions by mandating that companies disclose accurate and current information when offering or marketing securities. It was also noted regulators and brokers across the country rely on disclosure-based manual exemptions from individual state Blue Sky laws. Currently, Forty-four U.S. states and jurisdictions maintain manual exemptions and each state determines which manuals qualify under its rules.
The company went on to add that it is continuing to actively work with other states to maintain a Blue Sky Manual Exemption.