New York, NY - September 18, 2012 (Investorideas.com newswire) Rodman & Renshaw recently announced its intention to cease conducting its securities business and on September 14th, the company filed with the Financial Industry Regulatory Authority ("FINRA") to terminate its broker-dealer license. As a result, Rodman & Renshaw no longer complies with the OTCQX DAD/PAL requirements and may not act as a DAD/PAL sponsor for a company traded on the OTCQX marketplace.
OTCQX companies must be sponsored by a Designated Advisor for Disclosure ("DAD") or a Principal American Liaison ("PAL"). These sponsors make up a community of qualified investment banks and securities attorneys that act as third-party advisors and provide quality control and reputation verification for OTCQX companies. The relationship between an OTCQX company and its DAD/PAL enhances the quality of the company’s public disclosure and provides access to professional guidance as the company interacts with investors.
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