e-Delivery

From healthcare benefits to income tax reporting, the shift toward digital communication is well underway — and financial services should be no exception. Electronic delivery (e-delivery) provides investors with real-time, secure access to information while reducing costs and environmental impact.

SIFMA has long supported the use of e-delivery for investor communications, including statements, confirmations, prospectuses, and other disclosure documents. Across all demographics, investors increasingly prefer to receive and act on information electronically — and data shows that digital engagement leads to better outcomes, such as higher 401(k) contribution rates.

Importantly, paper delivery would remain available for those who prefer it or who lack reliable internet access. The goal is to expand choice, accessibility, and efficiency for all investors.

Key Focus Areas

Meeting Investor Preferences

  confirms that most Americans with investment and savings accounts prefer e-delivery to paper mail. Yet outdated SEC rules continue to require paper as the default method for many key investor communications, including prospectuses, account statements, and trade confirmations.

Modern investors expect to access their financial information the same way they access every other part of their lives – online, instantly, and securely. It’s time for regulation to reflect that reality.

Advancing an e-Delivery-First Framework

When the SEC first permitted electronic delivery 25 years ago, it sparked a wave of innovation in investor communications. Today, technology has far outpaced the existing regulatory framework.

SIFMA and SIFMA AMG have outlined how and why the SEC should amend investor communications rules to make e-delivery the default method of delivery — whether via email, mobile app, firm website, or other secure electronic means.

Allowing firms to use e-delivery by default, while preserving the right to opt for paper, would:

• Enhance investor engagement and comprehension;
• Provide faster, more secure access to important disclosures;
• Improve accessibility, including multilingual and disability-friendly formats; and
• Reduce environmental impact and delivery costs.

Encouraging Regulatory Modernization

Now is the time for the SEC to take the next logical step in modernizing investor communications and make e-delivery the default. By updating its rules to reflect how investors interact with digital information today, the Commission can foster a 21st-century communications framework that benefits both investors and markets.

The Bottom Line

Investors have spoken: they overwhelmingly prefer digital access to their financial information. SIFMA urges the SEC to modernize its investor communication rules to make e-delivery the default, while preserving investor choice and ensuring every American has timely, secure, and accessible access to their financial documents.