Pryor Cashman LLP has been approved by OTC Markets Inc. to serve as a Designated Advisor for Disclosure (DAD) and Principal American Liaison (PAL) to public companies whose shares trade on the OTCQX market.

The OTCQX market is an inter-dealer electronic quotation and trading system in the over-the-counter securities market that is generally geared toward small and medium U.S. public companies that meet the OTCQX’s listing standards and non-U.S. companies that are listed on qualifying foreign exchanges.

The OTCQX is considered by many as a final step for U.S. reporting companies toward listing on a national exchange, such as NASDAQ or the NYSE. For non-U.S. companies trading on a qualifying foreign exchange, the OTCQX provides a trading venue in the U.S. without the need for periodic SEC reporting. 

All companies that trade on the OTCQX must appoint a DAD (in the case of a U.S. company) or a PAL (in the case of a non-U.S. company) to provide on-going disclosure advice and guidance. Only approved law firms, FINRA member firms and ADR banks may serve as a DAD or PAL. Only a small number of law firms have been currently approved to serve as a DAD or PAL and  Pryor Cashman LLP is proud to be one of them.