FINRA Adopts New Electronic Form 211
FINRA recently published Regulatory Notice 17-26, mandating the use of the electronic Form 211. Beginning on October 23rd, 2017, firms must begin using the electronic Form 211, instead of the current paper submissions. What this does is effectively eliminate the
current process of submitting the information required pursuant to SEA Rule 15c2-11 by way of a paper submission.
The submission of a 15c2-11 disclosure document is governed by FINRA Rule 6432. FINRA previously required firms to comply with Rule 6432 by submitting a paper Form 211. Beginning on September 11th, 2017 member firms may voluntarily begin using the electronic Form 211.
The new electronic Form 211 consists of five (5) sections:
- The Issuer and security information;
- Information required pursuant to SEA Rule15c2-11(a)1, (a)2, (a)3, (a)4, or (a)5, as applicable,
- Information required pursuant to paragraphs (b)1 through (b)3 of SEA Rule 15c2-11;
- Supplemental information;
The new electronic Form 211 generally requests the same information currently requested in the paper form. The advantage to the new electronic Form 211 is that it permits member firms to upload documents in electronic format, or reference documents in the SEC Edgar system. This should greatly speed up the submission and review process. Hopefully it will make the overall 15c2-11 process a lot smoother and easier to navigate.
Coral Capital Partners provides assistance to companies seeking to file a 15c2-11 and have their shares become publicly traded on the Over the Counter Market (OTC). Companies seeking to have their shares listed on the US Over the Counter (OTC) market should feel free to contact the offices of Coral Capital Partners to see how we may be of assistance. Additionally, Coral Capital Partners provides assistance to companies seeking to have their shares become DTC Eligible so that they may be deposited into streetname at their brokerage account.