Government affairs

Legislative Updates

SEC comment period open on default option for financials

The Securities and Exchange Commission (SEC) has announced a proposed new regulation governing mutual funds (Rule 30e-3) that would eliminate the current default requirement for such investment funds to distribute information to investors in paper form, making electronic delivery the default delivery option instead of mail delivery.

The SEC has posted the proposed rule and is now soliciting comments from the public until Aug. 11 to help it decide whether to adopt the rule. If the rule is adopted, another segment of First Class Mail will disappear from our members’ satchels and millions of investors, including investors who also are NALC members, will lose easy access to vital financial information.

Take action. SEC is accepting comments until Aug. 11. As citizen investors, you have the right to submit comments to the SEC, letting it know that shareholder reports and mutual fund descriptions are important tools for investors who have come to rely on this information via the mail. Comments can be filed in the following ways:

  • By mail:
    Secretary, Securities and Exchange Commission
    100 F Street, NE, Washington, DC 20549-1090
    Please refer to File No. S7-08-15 in your letter.
  • By website:
    Please refer to File No. S7-08-15 in your submission.
  • By e-mail:
    Please include File No. S7-08-15 in the subject line.

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