The Securities and Exchange Commission is dropping a newly approved provision in federal law that would have moved the delivery of mutual fund shareholder reports away from paper and toward electronic delivery, according to a news release Thursday from U.S. Rep. Bruce Poliquin.

The provision, known as Rule 30e-3, would have been harmful to Maine’s paper manufacturers and to seniors and rural residents who stood to lose easy access to financial information with the rule change, the release said.

Poliquin, a Republican running for re-election in Maine’s 2nd Congressional District, joined with U.S. Sens. Angus King, I-Maine, and Susan Collins, R-Maine, in writing a letter in August 2015 expressing concerns over the proposal. In December, Poliquin joined with Rep. Krysten Sinema, D-Ariz., in asking the Securities and Exchange Commission to revise its rule.

“This is an encouraging win for Maine jobs and Maine seniors,” Poliquin said in Thursday’s release. “It’s simply unfair and doesn’t make sense for rural Mainers and Maine seniors to be denied critical information on their investments because of this harmful proposal. At the same time, this proposed rule would hurt hundreds of jobs in our State’s paper industry. I’m extremely pleased with the SEC’s decision today and will continue to fight to protect Maine jobs and our seniors’ interests.”

Ken Winterhalter, president of Twin Rivers Paper, also applauded the decision Thursday, saying in the release that the rule would have “hurt people throughout Maine and businesses in (the 2nd) district.”

According to the release, Twin Rivers produces the material used in the paper copies and provides for 525 direct jobs in the Madwaska area and 317 indirect jobs in Maine.


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