Washington, D.C., March 27, 2023 – SIFMA today issued the following statement from president and CEO Kenneth E. Bentsen, Jr. on the introduction of legislation, the “Improving Disclosure for Investors Act of 2023,” that would direct the SEC to promulgate rules that would expand access to electronic delivery of certain required financial disclosures:

“The time has come – and arguably is overdue – to implement electronic delivery as the default means for delivering investor communications, while giving investors the power to choose paper delivery if preferred. According to a recent survey, a large majority of retail investors regardless of income or age, want e-delivery for its environmental benefits, speed, and convenience. SIFMA commends Reps. Bill Huizenga (R-MI), Jake Auchincloss (D-MA), Bryan Steil (R-WI) and Wiley Nickel (D-NC) for introducing this important legislation that builds on the progress of implementing an e-delivery framework suitable for the 21st century.”

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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.