Event Sponsors
Shareholder Notice and Access Symposium 2007
Understanding & Applying the SEC’s New Rules for Internet Delivery
February 13, 2007 / The Harvard Club of Boston(Main Clubhouse: 374 Commonwealth Ave.)
On December 13, 2006, the Securities and Exchange Commission signaled its intention to fully endorse and embrace the Internet for the delivery of annual reports, semi-annual reports, prospectuses, and prospectus updates. As a result, organizations involved with the likes of mutual funds, variable annuities, 403B plans, 529 college savings accounts, and Exchange traded funds today have a remarkable opportunity to:
- reap hundreds of millions of dollars in annual savings
- enjoy new levels of flexibility and efficiency in the way they communicate with their clients
- enhance their environmental standing by reducing the amount of paper they generate and deliver
Shortly thereafter, the SEC shed additional light on its new model by posting the specifics of its final Notice and Access rules and the details of its proposed deadlines for making compliance mandatory. Among the key elements it shared are:
- The new Notice and Access rules will go into effect in July of this year.
- The mandatory rules are proposed to be phased in over the next two years.
- The new rules will apply to compliance-related shareholder communications, including proxies, shareholder reports, and prospectuses.
- The new rules will require investment companies (a) to make documents available over the Web, (b) to send shareholders printed documents upon request, and (c) to allow shareholders to set preferences for future ongoing delivery of printed materials.
Benefits of Compliance
There is little doubt that a sea-change is brewing in how shareholder communications are to be prepared and delivered, and financial organizations already are revisiting their strategies for doing so. Happily, the benefits range far beyond simple compliance. For example, Internet delivery represents a valuable tool for improving the quality of financial disclosures, as new technologies like XBRL are bringing new transparency and accuracy to business reporting, and are making it easier than ever to tailor information to specific investor needs and preset investor preferences.
The SEC’s new model also should lead to a significant reduction in paper use that is expected to save some four million trees over the next five years, and contribute substantially to a reduction in global warming. As a result, support for the initiative is being garnered from all ends of the U.S. economic map, and organizations of all stripes are lining up to enable the benefits.
About This Symposium
The Shareholder Notice and Access Symposium illuminated strategies for effectively and rapidly realizing these benefits and more. An invitation-only, one-day event, it provided a roadmap for developing new strategies for designing information, for reaching out to customers, and for implementing the technologies needed to do both – all while ensuring compliance with the SEC’s new rules is maintained.
Please review the Agenda to get a sense of what was covered. Thank you!