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  "documentTitle": "Broadridge Financial Solutions | Investor Presentation Deck | 32 slides",
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  "notes": "The slide uses a structured list format to categorize regulatory updates by industry segment (Mutual funds vs Equity proxy).",
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      "text": "Comments on mutual fund interim fees",
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      "text": "SEC Approves Rule 30e-3 “Notice-and-access”",
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      "kind": "paragraph",
      "text": "SEC staff said in public forums they are considering options for shorter/more streamlined regulatory communications, and in November 2019, this issue was moved to the SEC’s short-term agenda. BR in favor of any step to ensure main street investors have easy and actionable access to the information they need to invest with confidence.",
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      "text": "Allows mutual funds to opt-in shareholders to receive “notice-and-access” beginning 2021. BR is working with hundreds of fund families to prepare for 30e-3. Financial impact to BR: modestly net positive impact on gross profit (higher recurring fee revenues with lower distribution revenues).",
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      "text": "BR comment letter in October 2018 laid out the company’s strong track record of value ($400M+ annually) delivered to the mutual fund industry, and identified future savings. Since BR’s comment letter, interim fees were rolled into discussions for the proxy distribution working groups (meet periodically with no timeline for issuing a recommendation to the SEC).",
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      "text": "BR working closely with SIFMA and other stakeholders to develop an industry consensus around end-to-end vote confirmation, a key priority for the SEC. Little economic impact to BR, but the company believes any step that increases vote accuracy and confidence in the proxy voting process is a positive.",
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