ASA Urges SEC Chair Atkins to Permit E-Delivery of Shareholder Communications

WASHINGTON – The American Securities Association (ASA) today sent a letter to Securities and Exchange Commission (SEC) Chairman Paul Atkins urging the Commission to use its existing authority to amend its current regulations and allow for e-delivery of shareholder communications.

"Modernizing e-delivery will save America's Main Street investors, retirement savers, and working families millions of dollars while reducing the risk of fraud," said ASA President and CEO Chris Iacovella. "ASA applauds Chairman Atkins for speaking positively about the benefits of e-delivery for investors and the need for the SEC to update its regulations in this area. Now, with a strong bipartisan majority voting to pass legislation that aligns with these policy views, we believe the SEC should use its existing authority to amend its current regulations and allow for e-delivery."

Last month, the House of Representatives passed H.R. 3383, the Incentivizing New Ventures and Economic Strength Through Capital Formation (INVEST) Act. Included as part of this legislation was the Improving Disclosure for Investors Act, a bipartisan bill introduced by Reps. Bill Huizenga and Brad Sherman. The Huizenga/Sherman legislation permits customers of investment funds and broker-dealers to receive account information electronically and to opt out of e-delivery at any time.

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The American Securities Association (ASA) represents the retail and institutional capital markets interests of regional financial services firms who provide Main Street businesses with access to capital and advise hardworking Americans how to create and preserve wealth. ASA’s mission is to promote trust and confidence among investors, facilitate capital formation, and support efficient and competitively balanced capital markets. This mission advances financial independence, stimulates job creation, and increases prosperity. The ASA has a geographically diverse membership of almost one hundred members that spans the Heartland, Southwest, Southeast, Atlantic, and Pacific Northwest regions of the United States.