Washington, D.C., February 29, 2024 – SIFMA today issued the following statement from president and CEO Kenneth E. Bentsen, Jr. on the introduction in the Senate of the bipartisan bill, The Improving Disclosure for Investors Act of 2024 that would direct the SEC to promulgate rules to expand access to electronic delivery of certain required financial disclosures, while ensuring investors still have the option to receive paper delivery:

“The time is overdue to make electronic delivery the default means for delivering investor communications, while giving investors the power to choose paper delivery if preferred. Survey results show that a large majority of retail investors, regardless of income or age, want e-delivery for its environmental benefits, speed, and convenience. SIFMA commends Senators John Hickenlooper (D-CO) and Thom Tillis (R-NC) for introducing The Improving Disclosure for Investors Act of 2024, the Senate companion to legislation introduced in the House last year. This important bipartisan legislation is the natural next step in modernizing the SEC’s framework in light of changing investor preferences and technology.”

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SIFMA is the leading trade association for broker-dealers, investment banks and asset managers operating in the U.S. and global capital markets. On behalf of our industry’s nearly 1 million employees, we advocate for legislation, regulation and business policy affecting retail and institutional investors, equity and fixed income markets and related products and services. We serve as an industry coordinating body to promote fair and orderly markets, informed regulatory compliance, and efficient market operations and resiliency. We also provide a forum for industry policy and professional development. SIFMA, with offices in New York and Washington, D.C., is the U.S. regional member of the Global Financial Markets Association (GFMA). For more information, visit http://www.sifma.org.