NEC Comment Letter to SEC RE: E-Delivery Guidance
The New England Council, on behalf of its Financial Services Committee, recently submitted comments to the U.S. Securities and Exchange Commission (SEC) in support of the proposed Regulation E-Delivery, which would modernize the delivery of required investor communications under federal securities laws.
The SEC issued the proposed regulation in July and invited public comment through September 21. Under the proposal, covered financial services entities would be permitted to use electronic delivery as the default method for providing certain required information to investors without first obtaining affirmative consent, subject to specified consumer protections. Investors would retain the right to opt out of electronic delivery and continue receiving paper materials.
In its September 21 comment letter, the Council supported the proposed framework, noting that the SEC’s existing electronic-delivery policies have not kept pace with significant technological and consumer-behavior changes. The letter highlighted the potential for electronic delivery to give investors more timely, convenient access to information; improve accessibility and security; reduce unnecessary costs; and enable more interactive, user-friendly communications.
The letter also emphasized the importance of preserving investor choice. It supports protections that allow investors to request paper materials, opt out of electronic delivery, update their electronic contact information, and receive assistance when electronically delivered information is inaccessible.
The Council offered several recommendations as the SEC develops its final regulation and accompanying guidance. In particular, the letter urged the Commission to preserve flexibility for covered entities to adopt the new framework according to their operational readiness rather than requiring a uniform transition timeline. The letter also encouraged a flexible approach for existing investors and contract owners for whom companies do not currently maintain electronic contact information. One potential solution highlighted is a notice-and-access approach, under which investors could receive a mailed notice directing them to electronically available materials while explaining how they can continue to obtain paper copies.
More broadly, the Council encouraged the SEC to establish a clear, accessible transition process for investors while allowing financial institutions to leverage existing e-delivery systems and practices. The letter cautioned against unnecessarily prescriptive requirements that could complicate implementation without improving investor access to information.
The Council’s comments reflect its longstanding advocacy to modernize investor communications over the last several Congressional sessions. Most recently, in December 2025, the Council sent a letter to the New England Congressional Delegation supporting the Improving Disclosure for Investors Act of 2025 (H.R. 2441), bipartisan legislation that similarly sought to modernize SEC delivery requirements and establish electronic delivery as the default while maintaining consumer protections. Provisions of that legislation were later included in a broader capital markets package that passed the House but stalled in the Senate.
With the SEC now considering Regulation E-Delivery, the Council welcomes the opportunity to continue advocating for a modernized framework that reflects how Americans increasingly access and manage financial information while preserving appropriate protections and investor choice. As the SEC moves toward a final rule, the Council and its Financial Services Committee will continue to engage with policymakers and regulators on this important modernization effort.
For more information on this issue or the Council’s Financial Services Committee, please contact Natasha Silva.