Immediate Action Required! New SEC Rule

The SEC has proposed a regulation that could substantially impact the financial printing business. There is strong and growing opposition to this rule and we are getting great support from legislators, led by Representatives Bruce Poliquin (R-Maine) and Kyrsten Sinema (D-Ariz.) who have offered a provision to counter this rule. Time is short and every comment counts.

PLEASE SEE THE DETAIL BELOW TO LEARN HOW YOU CAN SHARE YOUR OPPOSITION TO THIS RULE. THE DEADLINE TO COMMENT IS THE END OF DAY, WEDS JUNE 8th.  

The U.S. Securities and Exchange Commission (SEC) has proposed a new “Investment Company Reporting Modernization Rule” (Rule 30e-3), which would allow mutual funds to discontinue the mailing of shareholder reports and other important investment information to investors. Instead, shareholder reports would be posted on a fund’s website. If allowed to proceed, Rule 30e-3 will potentially harm millions of investors – the majority of whom have already expressed a preference for paper-based investment materials.

 

Fortunately, members of the House Appropriations Committee now have an opportunity to block this harmful rule. Reps. Bruce Poliquin (R-Maine) and Kyrsten Sinema (D-Ariz.) have offered a provision, which could be considered by the Committee this Thursday, June 9, to bar the implementation of Rule 30e-3.

Ask Congress to stop the SEC from implementing this dangerous rule before it’s too late.

As the appropriations process moves forward, members of Congress need to hear from you! Visit the Consumers For Paper Actions Action Center (www.paperoptions.org/take-action) today to quickly and easily send a letter to your representative and senators asking them to support Reps. Poliquin and Sinema’s new provision. The Action Center features pre-written letters that you can edit, or you can write your own from scratch. It only takes five minutes to make a difference.

Without swift approval of this bipartisan provision, SEC Rule 30e-3 will:

·       Require definitive action by investors forcing them to “opt-in” to continue to receive paper delivery of important fund information rather than the current option to choose electronic delivery if that is a preference. As a result, investors who do not reply to a one-time notice about the delivery change will automatically be switched to receiving financial information in digital-only format.

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