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The Daily

SEC Proposal Pits Paper Against Pixels

Chris Gaetano
Published Date:
Aug 12, 2015
computer_newA proposal from the Securities and Exchange Commission (SEC) to require that mutual funds cease using paper to disseminate investor information in favor of online distribution has drawn criticism from commentators who prefer paper copies, according to the Financial Times. The proposal itself would introduce new forms, N-PORT and N-CEN, both of which would need to be written in a structured data format, while at the same time phasing out the Forms N-Q and N-SAR, among other potential changes. The Financial Times reports that many of the comments have focused on the fact that, unless they specifically ask for them, they will no longer get information mailed to them and must use the Internet instead. While more and more of the financial sector is online, the Financial Times said that many of the comments on the proposal, particular those from older investors, focused on a discomfort with using the Internet and a strong preference to continue getting information on physical paper, which the Financial Times said is indicative of a generation gap between older and younger market participants.