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Public Policy Updates
CFP Board Comments on SEC Effort to Modernize Investor Communications
Today, CFP Board submitted a comment letter to the U.S. Securities and Exchange Commission (SEC) on its proposed framework for electronic delivery of investor disclosures under the federal securities laws. CFP Board supports modernizing disclosure delivery to reflect how investors and financial professionals increasingly access information, while emphasizing the importance of preserving meaningful investor choice, practical access and strong investor protections.
In the letter, CFP Board encouraged the SEC to consider:
- Additional safeguards for investors who currently receive paper disclosures, including clear, plain-language notice before transitioning to electronic delivery;
- Simple and accessible ways to retain paper delivery at no cost;
- Confirmation of successful delivery and opening of the notice before a recipient is transitioned;
- Clarifying how delivery preferences apply to households, joint accounts and authorized representatives;
- Enhancing notices for time-sensitive or action-oriented disclosures;
- Establishing a minimum period during which electronic records remain accessible online and available to download, save and print; and
- Safeguarding against fees that could inadvertently discourage investors from choosing paper delivery.
CFP Board appreciates the SEC’s efforts to modernize its delivery framework. We remain committed to working with the Commission to help ensure that investor protections keep pace with changes in delivery technology.