Not sure what on earth this has to do about penny stocks like SIOR but I'd say the SEC has been cracking down on visibility because of serious issues that have been around for years started ie the massive phantom Garbage R/M Chinese stocks or even the CHK debacle over the last two months...
I'm not aware of this taking hold in the penny market, but please enlighten me...
While state law governs the rights of record owners, the SEC has focused on rules related to communications between
companies and their owners, and among owners themselves. To address the gap between record and beneficial
ownership, the SEC has created a framework in which companies primarily communicate with beneficial owners through
broker or bank intermediaries. The framework requires brokers and banks to disclose to a company the identity of only
those beneficial owners who do not object to such disclosure. Those who object are known as “objecting beneficial
owners” (OBOs) under the SEC’s rules. The company cannot contact OBOs directly. The company may, however, have
direct contact with shareowners who have designated themselves “non-objecting beneficial owners” (NOBOs), owners
who do not object to having their identity known to the issuing company. However, while companies may communicate
directly with NOBOs, SEC rules require that proxies and proxy materials nonetheless be forwarded by broker and bank
intermediaries, not by companies.
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