Rule 30e-3: Best Practices for Notice, Access & E-Delivery

Rule 30e-3: Best Practices for Notice, Access & E-Delivery

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  www.nicsa.org | #WebinarWednesdays RULE30E-3: BEST PRACTICES FOR NOTICE, ACCESS & E-DELIVERY November 28, 2018
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  www.nicsa.org | #WebinarWednesdayswww.nicsa.org| #WebinarWednesdays Moderator: Panelists: Jay Herold VP and Senior Counsel, MFS Naadia Burrows Vice President Head of Mutual Fund Regulatory Communication Business, Broadridge Phil Kolb Head of Product Operations and Account Services, Morgan Stanley Mary Corcoran Senior Vice President, Invesco Investor Services
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  www.nicsa.org | #WebinarWednesdayswww.nicsa.org| #WebinarWednesdays Rule 30e-3 allows mutual funds to send shareholders a short notice alerting them to the issuance of a new shareholder report that is available on a website, instead of sending a complete paper report
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  www.nicsa.org | #WebinarWednesdayswww.nicsa.org| #WebinarWednesdays Objectives of Rule 30e-3 • Modernize manner in which periodic information is transmitted to investors • Improve overall investor experience • Reduce expenses associated with printing and mailing shareholder reports that are borne by investors
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  www.nicsa.org | #WebinarWednesdayswww.nicsa.org| #WebinarWednesdays Features and Conditions of Rule 30e-3 • The website must contain the two most recent shareholder reports and portfolio holdings for the four most recent fiscal quarters • Shareholders must be permitted to permanently opt back in to full paper reports at any time • Shareholders must be able to request on an ad hoc basis a full paper report at any time • A permanent opt-out election would apply to all funds in a complex or within a brokerage account • Funds may begin to rely on the rule as early as January 1, 2021 provided they have included a legend notifying shareholders of the transition to Rule 30e-3 in every shareholder report and annual prospectus update that the shareholder is required to receive between January 1, 2019 and December 31, 2020 • Funds intending to rely on the rule at the beginning of 2021 must begin to track opt-out elections beginning on January 1, 2019 • Consolidated notices for multiple funds are permitted and the notice may be mailed with certain other documents such as shareholder account statements • Role of financial intermediaries is set forth in issuing release which is incorporated by reference
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  www.nicsa.org | #WebinarWednesdayswww.nicsa.org| #WebinarWednesdays Q&AQUESTIONS & ANSWERS SESSION