DS
There is a subtle change that applies to all OTC listed companies per this release. It reinforces the concepts of market transparency. It builds on directives from the SEC regarding the use of social media in providing information on public companies. In this way this rulemaking applies to ECOS as it does to other OTC participants.
The SEC has stated that a company (including officers, directors, employees and 5% holders) using social media to post information regarding a company are required to identify their relationship to the company so the remainder of market participants know it is the company speaking and not another unaffiliated person.
Over the past five years the SEC has brought a number of enforcement actions for statements made on Twitter, Facebook and other mainstream social media. They have also begun to bring enforcement actions for the use of stock message boards, including boards like IHUB.
One of the things that yesterday's announcement is intended to enforce is that employees, officers, directors and 5% shareholders of OTC companies cannot post on social media and boards unless they clearly note their affiliation with the company. If you don't disclose and you get caught the consequences are not pretty. It is these rules that extend to ECOS under yesterday's release. The failure to disclose affiliation and posting is de facto stock promotion.
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