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Electronic Delivery of Information Under the Federal Securities Laws
Plain English Summary
The Securities and Exchange Commission (SEC) is introducing a new rule called Regulation E-Delivery. This rule allows certain companies to send important information to investors electronically without needing their permission first. Additionally, the SEC plans to remove an old rule that allowed investment companies to use different methods to send reports to shareholders and will update rules about sending proxy and tender offer materials. Insurance agents should be aware of these changes as they may affect how they communicate with clients and ensure compliance with the new electronic delivery standards.
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The Securities and Exchange Commission (the "SEC" or the "Commission") is proposing Regulation E-Delivery. The proposed rule sets forth conditions for covered entities to deliver covered information to covered recipients electronically without first obtaining their affirmative consent. The proposed rule further establishes conditions under which the Commission would consider delivery requirements under the Federal securities laws to be satisfied by electronic delivery. The Commission also is proposing to rescind the rule providing alternative means for registered investment companies to satisfy shareholder report transmission requirements, and to amend rules addressing the dissemination of proxy materials and tender offer materials.