Just wrapped up a brutal 10-week process getting a physical Pink Sheet certificate into a brokerage account. Three major brokers declined outright; two others accepted then reversed the deposit after "compliance review."
What I learned: the bottleneck usually isn’t the broker — it’s whether their clearing firm still maintains a relationship with the transfer agent for that specific issuer. A lot of the big clearing houses have effectively exited legacy cert processing for microcap/OTC names.
Happy to outline the specific friction points if anyone’s navigating this right now. It’s a shrinking window of firms that will actually touch this stuff.