The Securities and Exchange Commission wants to modernize how people receive important financial information. But its proposed Regulation E-Delivery confuses modernization with compulsion and would place the greatest burden on the investors least prepared to bear it.
Today, investors generally receive documents required under federal securities laws on paper unless they affirmatively choose electronic delivery. The SEC proposes reversing that arrangement. Prospectuses, shareholder reports, proxy statements, trade confirmations, and other disclosures could be delivered electronically without an investor’s prior consent.
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