McMillan granted DAD and PAL Advisor status by OTC Markets Group 

news & knowledge 

November 3, 2015

Companies seeking admission to trade on the OTCQX® marketplace in the United States must be sponsored by a qualified professional third-party advisor - known as a Designated Advisor for Disclosure (DAD) for U.S. domestic companies, or a Principal American Liaison (PAL) for foreign companies. Similarly, a company seeking quotation on the OTCQB as an "International Reporting Company" not subject to Securities and Exchange Commission reporting requirements must submit a letter of introduction from a PAL with its application for admission.

OTC Markets Group Inc.* recently approved McMillan's application to be recognized as a DAD and PAL. DAD and PAL eligibility is limited to reputable and qualified securities lawyers or FINRA-member investment banking firms. This new qualification complements the services offered by McMillan's U.S. Securities Law Practice Group, which specializes in assisting our clients with financings, mergers, acquisitions and other transactions that are subject to regulation under U.S. federal and state securities laws, as well as U.S. stock exchange listings.


* OTC Markets Group Inc. (OTCQX: OTCM) operates an electronic inter-dealer quotation and messaging system that facilitates trading in over 10,000 US and global securities in all major industries, including metals and mining, financial services, oil and gas, utilities, telecommunications, media, pharmaceuticals and biotechnology. Through its OTC Link® ATS (Alternative Trading System), OTC Markets Group links a large network of broker-dealers that provide liquidity and execution services.

OTC Markets Group organizes the market into three marketplaces based in large part upon the quality and quantity of the information that the participating companies make publicly available, and the degree of each company's investor engagement. The three marketplaces, in descending order of the transparency of the participating companies, are: the OTCQX® marketplace, the OTCQB® marketplace, and OTC Pink® marketplace.

For more information, please contact any of the following members of McMillan's U.S. Practice Group: Mike Taylor (Co-Chair), Herb Ono (Co-Chair), Daniel Dex or Mike Shannon.