Login | September 03, 2026
Are your paper brokerage statements going away?
Julie Jason
Published: September 3, 2026
Are paper brokerage statements, prospectuses and annual reports a thing of the past? Perhaps. In a recent statement, SEC Chairman Paul S. Atkins commented, "In an age of artificial intelligence and blockchain technology, a default to paper delivery should be a relic, not a standard."
You may have a different view, and if you do, now is the time to act. I'll explain how shortly.
The rule the U.S. Securities and Exchange Commission is proposing is Regulation E-Delivery. The rule makes electronic delivery the default method of communication, although recipients could still request delivery in paper format. This would "supersede the Commission's decades-old, guidance-based e-delivery approach and provide savings to issuers, market intermediaries, and, ultimately, investors, in paper, printing, and postage costs," according to the SEC (tinyurl.com/fpcva2ea).
The proposed e-delivery "includes requirements and conditions under which required information could be delivered electronically without first obtaining affirmative consent."
What documents would be included? "The range of information deliverable electronically ... would be broad, including, among other things, prospectuses for funds and other issuers, fund annual and semi-annual shareholder reports, proxy statements, trade confirmations, disclosures pursuant to Form CRS, and Form ADV Part 2 Brochures," according to the SEC's July 16 press release.
Under the proposal, the SEC states there would be a transition process for investors and others who are currently receiving regulatory information in paper format: "These recipients would receive two paper notices if they would be transitioned to e-delivery under the rule, which would provide information about the upcoming transition and the ability to opt out of e-delivery."
The American Securities Association supports the proposal, with ASA President and CEO Chris Iacovella saying in a statement that it "is a win for investors, retirement savers, and working families. ... Modernizing e-delivery will reduce the risk of fraud, and bring the SEC's rules into the modern era" (tinyurl.com/2cdsnhsc).
SIFMA, the Securities Industry and Financial Markets Association, also indicated support, with President and CEO Kenneth Bentsen saying, "The proposal is an important step toward updating regulatory requirements to reflect how investors access information today while giving investors the power to choose paper delivery if preferred" (tinyurl.com/3yxjakbf).
If you would like to voice your opinions, the SEC would welcome them. You can submit your comments online on the SEC website (tinyurl.com/v8f4y9jn). Or, you can email them (rule-comments@sec.gov; include "File Number S7-2026-25" in the subject line) or mail them via regular mail to Vanessa A. Countryman, Secretary, Securities and Exchange Commission, 100 F Street NE, Washington, DC 20549-1090. The comments need to be received by Sept. 21, 2026 (tinyurl.com/yw3uj3av).
Some remarks already posted to the SEC website indicate not everyone is comfortable with the proposed change.
For example, one commenter made the following points:
-- "The current opt-in approach appropriately places the burden on regulated entities, not investors, to ensure that required disclosures are actually received. The proposed rule reverses that presumption, assuming that electronic delivery is effective unless an investor affirmatively opts out."
-- "Many investors, particularly seniors, individuals with disabilities, rural households with unreliable internet access, low-income investors, and those who intentionally separate financial communications from their primary email accounts, remain vulnerable to missed disclosures."
-- The proposal "risks reducing investor engagement. Paper communications, while more expensive, often provide a tangible reminder to review important information and participate in corporate governance. Electronic notices can be overlooked among the hundreds of messages consumers receive each week."
-- "Although the proposal cites potential cost savings for issuers and intermediaries, those savings should not outweigh the Commission's core statutory mission to protect investors. Cost reductions are appropriate only where there is confidence that investors will continue to receive and review required disclosures with equal effectiveness" (tinyurl.com/4e56a9ez).
Another commenter stated, "Cybersecurity risks continue to evolve rapidly. ... The proposed rule would increase reliance upon precisely those communication channels that have become the primary targets of cybercriminals."
The commenter's recommendations included:
-- Retaining affirmative consent for first-time electronic enrollment.
-- Requiring periodic validation of electronic contact information.
-- Automatically reverting investors to physical delivery following repeated electronic delivery failures (tinyurl.com/487saemc).
Again, if you have thoughts about this proposal, you have until Sept. 21 to make them known to the SEC.
Seasoned investment counsel (tinyurl.com/52nus8hz) and award-winning columnist and author, Julie Jason, JD, LLM, promotes financial literacy and investor protection. Read her latest book, "The Discerning Investor: Personal Portfolio Management in Retirement for Lawyers (and Their Clients)" (tinyurl.com/4u7h9pjs), published by the American Bar Association. Write to Julie at readers@juliejason.com. While all questions cannot be answered, each email is read and reviewed and can lead to discussion in a future column.
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