SEC Rule 15c2-11 – BLMC
As of September 28, 2021 the SEC amended Rule 15c2-11 will become effective. This amendment places burdens on broker-dealers to review and ensure that current information, in accordance with the amendment, is available related to a security to allow quotations to be submitted for publication on a qualified interdealer quotation system. Among other information, the broker-dealers must ensure that the financial statements are prepared according to Generally Accepted Accounting Principles in the United States (“GAAP”).
The Company will continue its long-time practice of issuing current annual audited financial statements on the income tax basis of reporting and annual President’s Letter along with quarterly and special press releases. All this information has been and will be available on the Company’s website: www.biloximarshlandscorp.com. Meeting the requirements of the amended rule, which includes the conversion and maintenance of GAAP financial statements, will significantly increase costs to the Company, both in financial consideration paid to third parties and increased internal administrative expenses. Without having plans to raise capital on public markets and due to these increased costs, as of this time the Company does not intend to convert the reporting of its financial statements from the income tax basis of accounting to GAAP. The Company will continue to issue timely information as set forth above.
OTC Markets Group has prepared a video with an explanation of the amendments to SEC Rule 15c2-11. The following is OTC Markets Group explanatory video: