Making Sense Of SEC’s NOBO-OBO Rules

Law360, New York (February 19, 2010, 4:33 PM EST) -- The past several months have seen a resurgence in the years-long debate over proxy mechanics.

The debate has focused on the desire of issuers to have more direct channels of communication with their retail shareholders, and a dissatisfaction with the U.S. Securities and Exchange Commission’s “NOBO-OBO” rules. The SEC has indicated that it will publish a concept release seeking input on these issues soon.

In response to questions about the somewhat complicated regulatory context for communicating with retail shareholders, we have prepared the below answers in...
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