Bulletin-board-exchange definitions

The system that will replace the OTCBB (Over-the-Counter Bulletin Board) system. It was scheduled to launch in the fourth quarter of 2003, pending approval by the Securities and Exchange Commission (SEC). BBX will have higher listing standards than OTCBB. BBX companies will have to meet many of the corporate governance requirements that NASDAQ-listed companies are required to meet. However, there will be no financial requirements for listing, which means that BBX companies will not have to meet minimum share price, market capitalization, or shareholder equity requirements. Higher listing standards include requiring that a company be engaged in a legitimate, lawful business, and that it not be a shell company. BBX companies will have to comply with the Securities Exchange Act of 1934 and be current with required filings. They also will have to produce annual and quarterly reports and are required to adhere to good practices for corporate governance and shareholder rights. See also OTC Bulletin Board.