House Passes Accredited Investor Bill

The bill requires the Securities and Exchange Commission to write a rule allowing financial firms to deliver their documents in digital format.

Fidelity Investments said Friday in a statement that it applauded passage of the bill, “which takes the important step of modernizing investment disclosures by directing the SEC to make electronic delivery (eDelivery) the primary way for investors to receive information.”

Fidelity said that it has ”long believed, and data has shown, that eDelivery is a more secure, accessible, and less wasteful way to effectively communicate with investors of all ages.”

The Boston-based firm added: “Critically, the legislation preserves investor choice and the ability to always receive paper if preferred. Fidelity will continue to work with Congressional leaders to enact this broadly bipartisan and bicameral legislation into law. “