SIFMA Backs Bill to Expand E-Delivery of Regulatory Documents
Commentary by Steven Lofchie
SIFMA issued a statement in support of the "Improving Disclosure for Investors Act." The bill would require the SEC to adopt rules allowing regulated entities to deliver regulatory documents to investors using electronic delivery. (See previous coverage.)
Citing SIFMA surveys, and related documents, SIFMA President and CEO Kenneth E. Bentsen, Jr. said "a large majority of retail investors across demographics, regardless of income or age, want e-delivery for its environmental benefits, speed, and convenience." He commended the bipartisan group of lawmakers for introducing what he described as "important legislation that builds on the progress of implementing an e-delivery framework suitable for the 21st century."
Commentary
The SEC ought not even to need legislation to reach this end. Physical delivery of documents is, with very limited exceptions, not required by the relevant statutes.