Electronic Delivery Requirements
According to the SEC, a company may provide its customers electronic access to prospectuses, shareholder reports, and proxy solicitations if the electronic access satisfies four properties: same content, timely notice, equivalent access, and evidence of delivery.
- 1. Same content. The content of the electronic documents must be the same as the paper version of the documents.
- 2. Timely notice. Investors must be notified in a timely and adequate manner that the electronic documents are available to them. In this case, “timely” means at least by the time paper documents would be or would have been sent out. “Adequate” means either as an email with the document attached or as an email informing the client that the document is available on a website with an attached link.
- 3. Equivalent access. Customers must have appropriate access to the documents. Access to the prospectus should be equivalent to a printed version of the prospectus. Th