Public Policy Engagement
Public Policy Engagement - Fidelity
The last time the Securities and Exchange Commission (SEC) modernized its disclosure guidelines was in 2000. Today, we are required to send millions of paper statements annually, inundating our customers with paper and harming the environment. Learn more about why we think the SEC should change the default method of communicating with our customers from paper to digital. To view this video please enable JavaScript, and consider upgrading to a web browser that
Learn more about 5 important investor protections we believe should be met as part of any transition to digital. Advance Notice Investors should be provided clear and readable disclosures about the transition to digital delivery well before the transition begins. Honor Investor Preferences Investors who want to receive paper documents, can choose to receive documents by postal mail.
Fidelity is actively pursuing public policy solutions that expand access to retirement accounts and increase retirement savings for all Americans. We are also committed to developing tools and services that help students, borrowers, and the private sector tackle the student debt crisis.
As one of the country's leading retirement service providers, Fidelity advocates for public policies that are practical and workable for employees, employers, and plan service providers. We support enhancements to the private retirement system including passing the SECURE Act 2.0. This legislation includes important reforms such as allowing employers to make matching retirement contributions if an employee is paying off their student loans. However, the bill should be passed
To view this video please enable JavaScript, and consider upgrading to a web browser that Fidelity engages with Congress to share our views on policies that will benefit retirement savers. Click below to read our recent Senate and House testimony.
We began exploring digital assets in 2014 with a heavy focus on research and development and our digital assets ecosystem now offers an expanding digital assets product portfolio to increase customer access and choice. Fidelity supports the development of a comprehensive and coordinated regulatory regime for digital assets that enables innovation while providing strong investor protections. We are committed to working with policymakers and regulators to support the growing digital assets industry.
Any new laws, regulations or rules must be governed by principles that ensure a level playing field and that the United States remains a competitive market for new technologies to flourish. Fidelity’s four digital assets principles are: Digital Assets will fundamentally transform the financial service industry. These technologies have moved beyond single use cases as a payment mechanism or store of value and are part of a diverse ecosystem of digital assets that take many forms. Regulators have grappled with how to appropriately adapt or apply existing regulatory structures to digital assets. The time has come for regulators to recognize that digital assets are a unique and diverse asset class not completely captured by existing definitions and categories and adjust the regulatory framework accordingly. Regulators need to provide clear, consistent, and timely guidance that removes barriers to entry and adoption created by uncertainty and allows new participants and incumbent firms to innovate and compete on equal footing, including clarity and consistency across regulators and jurisdictions. Digital asset technologies offer meaningful, market enhancing benefits such as real-time settlement, transparency, immutable transactions and frictionless payments. New regulations are needed to address the unique aspects of digital assets that current securities, commodities and banking regulations do not address. Fidelity supports strong and swift regulatory action against bad actors in this space, which will instill confidence in the digital assets market and protect investors. Policing the digital assets space for fraud will instill greater confidence in mature and legitimate assets like bitcoin. We are committed to facilitating the adoption of and compliance with meaningful digital assets anti-money laundering regulations.
Fidelity believes investment advice should be provided in the investor’s best interest while allowing savers continued choice and access to the products and services they need. We support the SEC’s Regulation Best Interest (Reg BI), which provides a strong and workable standard of conduct for broker-dealers, and believe states should assess the impact of Reg BI before creating state-specific standards.
Reforms must be narrowly tailored to address liquidity pressures in Institutional Prime Funds
Since 1974, Fidelity has served as a leading provider of money market funds (MMFs) and has extensive experience managing funds in both normal and stressed market conditions. Money market funds can provide significant benefits to investors small and large, the short-term funding markets and the broader economy, and are an attractive investment due to their convenience, high credit quality, and liquidity. Click below to read our views on proposed reforms.
Fidelity is a leading provider of health savings accounts (HSAs), which allow individuals to set aside money on a tax-advantaged basis to pay for qualified medical expenses. We support public policies that would increase contribution limits and expand access to HSAs by easing the eligibility rules. We believe HSAs should be available to more than just HSA-eligible health plan participants.
Media Inquiries?
Before investing, consider the funds’ investment objectives, risks, charges, and expenses. Contact Fidelity for a prospectus or, if available, a summary prospectus containing this information. Read it carefully. Content for this page is now being selected and published by ("FBS"), an SEC registered broker-dealer and member NYSE, . FBS makes available a full range of stocks, bonds, and mutual funds to individual and other investors through retirement and non-retirement accounts. FBS services its customers through local investor centers, regional telephone service centers and the internet. FBS is an affiliate of FICS. FBS must provide clients with certain financial information, including the , an FBS affiliate. Quotes are delayed unless otherwise noted. FICS is owned by FMR LLC and is an affiliate of Fidelity Brokerage Services LLC. The statements and opinions expressed within the articles found in 'Fidelity in the News' are those of the author. Fidelity Investments cannot guarantee the accuracy or completeness of any statements or data. Views expressed are as of the date indicated, based on the information available at that time, and may change based on market or other conditions. Unless otherwise noted, the opinions provided are those of the speaker or author and not necessarily those of Fidelity Investments or its affiliates. Fidelity does not assume any duty to update any of the information. Past performance is no guarantee of future results. Diversification/asset allocation does not ensure a profit or guarantee against loss. As with all your investments through Fidelity, you must make your own determination whether an investment in any particular security or securities is consistent with your investment objectives, risk tolerance, financial situation, and evaluation of the security. Fidelity is not recommending or endorsing investments by making them available to its customers. Investment decisions should be based on an individual’s own goals, time horizon, and tolerance for risk. Keep in mind that investing involves risk. The value of your investment will fluctuate over time and you may gain or lose money. Stock markets are volatile and can decline significantly in response to adverse issuer, political, regulatory, market, or economic developments. Foreign markets can be more volatile than U.S. markets due to increased risks of adverse issuer, political, market, or economic developments, all of which are magnified in emerging markets. These risks are particularly significant for investments that focus on a single country or region. In general the bond market is volatile, and fixed income securities carry interest rate risk. (As interest rates rise, bond prices usually fall, and vice versa. This effect is usually more pronounced for longer-term securities.) Fixed income securities also carry inflation risk, liquidity risk, call risk and credit and default risks for both issuers and counterparties. Unlike individual bonds, most bond funds do not have a maturity date, so avoiding losses caused by price volatility by holding them until maturity is not possible. Digital assets are speculative and highly volatile, can become illiquid at any time, and are for investors with a high-risk tolerance. Investors in digital assets could lose the entire value of their investment. ETFs are subject to market fluctuation and the risks of their underlying investments. ETFs are subject to management fees and other expenses. Unlike mutual funds, ETF shares are bought and sold at market price, which may be higher or lower than their NAV, and are not individually redeemed from the fund. Because of their narrow focus, sector funds tend to be more volatile than funds that diversify across many sectors and companies. Fidelity does not provide legal or tax advice. The information herein is general in nature and should not be considered legal or tax advice. Consult an attorney or tax professional regarding your specific situation. The trademarks and service marks appearing herein are the property of their respective owners. 996024.9.0 Copyright 1998-2022 FMR LLC. All Rights Reserved. In uncontested elections, Fidelity will generally vote in favor of incumbent and nominee directors except where a director has failed to exercise reasonable judgment. Fidelity will generally withhold authority on the election of all directors or directors on responsible committees if the directors acted contrary to certain aspects of the Guidelines during the period. Fidelity believes that strong management creates long-term shareholder value and we generally support management of companies in which the funds' assets are invested. In contested elections, Fidelity will vote on a case-by-case basis, taking into account factors such as management's track record and strategic plan for enhancing shareholder value; the long-term performance of the target company compared to its industry peers; the qualifications of the shareholder's and management's nominees; and other factors. Ultimately, Fidelity will vote for the outcome it believes has the best prospects for maximizing shareholder value over the long term.
eDelivery Overview
It’s time to update the rules to acknowledge technology advancements and customer behaviorThe last time the Securities and Exchange Commission (SEC) modernized its disclosure guidelines was in 2000. Today, we are required to send millions of paper statements annually, inundating our customers with paper and harming the environment. Learn more about why we think the SEC should change the default method of communicating with our customers from paper to digital. To view this video please enable JavaScript, and consider upgrading to a web browser that
Read the Facts
Why the SEC should modernize its rules.Research
Check out recent research on the importance of eDelivery.Our Point of View
Read our POV on the benefits of eDelivery for our customers and the environment.Investor Protection
Learn more about 5 important investor protections we believe should be met as part of any transition to digital. Advance Notice Investors should be provided clear and readable disclosures about the transition to digital delivery well before the transition begins. Honor Investor Preferences Investors who want to receive paper documents, can choose to receive documents by postal mail.
Easy Access to Change Contact Investors should have the ability to change contact information prior to digital delivery and there should be limitations on firms use of digital delivery to investors who provided digital contact information Consumer-Friendly Format Investors should have access to regulatory documents in a timely and user-friendly manner and if requested the ability to receive a paper document in a reasonable timeframe h2 Safeguards to Assure Delivery Firms should establish safeguards to address email bounce backs and inoperable digital contact information that transition investors to paper mail delivery if digital contact is not successful h2 Industry View
Read Fidelity, BlackRock and Charles Schwab’s Letter on eDelivery.In The News
InvestmentNews The SEC’s Adoption of e-Delivery is Well Overdue InvestmentNews BlackRock, Schwab, Fidelity press SEC for wider digital delivery of investment documents Pensions & Investments Electronic disclosure rule has sufficient safeguards, DOL says The Hill For small businesses, electronic document delivery is critical to the full benefit of retirement modernizationRetirement & Student Debt
Fidelity is actively pursuing public policy solutions that expand access to retirement accounts and increase retirement savings for all Americans. We are also committed to developing tools and services that help students, borrowers, and the private sector tackle the student debt crisis.
As one of the country's leading retirement service providers, Fidelity advocates for public policies that are practical and workable for employees, employers, and plan service providers. We support enhancements to the private retirement system including passing the SECURE Act 2.0. This legislation includes important reforms such as allowing employers to make matching retirement contributions if an employee is paying off their student loans. However, the bill should be passed
To view this video please enable JavaScript, and consider upgrading to a web browser that Fidelity engages with Congress to share our views on policies that will benefit retirement savers. Click below to read our recent Senate and House testimony.
Letters
Read our Letters to the U.S House and Senate on the Securing a Strong Retirement Act and Enhancing American Retirement Now (EARN) Act.Innovation
Read about the Pooled Employer Plan (PEP) opportunity, a new way to reduce the retirement coverage gap.Read the Facts
Learn about the student debt crisis and how Fidelity is tackling it with policymakers.Research
Check out our recent research on the impacts of student debt.Our Point of View
Read our POV on student debt and policy recommendations to help borrowers.Case Study
The Secure Act, signed into law in 2019 enabled us to introduce Fidelity Advantage 401(k), an offering for small businesses that do not offer a retirement plan today. This is an opportunity to close the retirement coverage gap, while allowing business owners to outsource their retirement plan management to Fidelity and instead focus on what they do best - running their businesses.IN THE NEWS
Plansponsor EARN Act Clears Senate Finance Committee Investment News House approves SECURE 2.0 with strong bipartisan vote PlanAdviser Industry and Congress Agree the Coverage Gap Is a Big Problem The Hill 'SECURE 2.0' Will Modernize Retirement Security for the Post-COVID American Workforce CNBC Many Americans Can’t Afford an Emergency Expense and are Calling for Employers to Help Fidelity Investments Fidelity Statement on Congress Passing the Secure Act HR Daily Advisor Year-End Appropriations Act Makes It Easier for Employers to Make a Difference in Tackling Employee Student Debt 401k Specialist How Employers Can Tackle the $1.7 Billion Student Debt IssueDigital Assets
Fidelity's goal is to be a holistic solutions provider in digital assets. We believe blockchain technology and digital assets will represent a large part of the financial industry's future.We began exploring digital assets in 2014 with a heavy focus on research and development and our digital assets ecosystem now offers an expanding digital assets product portfolio to increase customer access and choice. Fidelity supports the development of a comprehensive and coordinated regulatory regime for digital assets that enables innovation while providing strong investor protections. We are committed to working with policymakers and regulators to support the growing digital assets industry.
Education and Resources
Check out our history of innovation in digital assets, related offerings and educational resources.Letter
Read the letter Fidelity and others in the industry sent to the EPA on Bitcoin and Digital Asset Mining.Letter
Read our letter to the Department of Labor regarding Compliance Assistance Release No. 2022-01 – 401(k) Plan Investments in “Cryptocurrencies” (CAR).Letter
Read the letter Fidelity Digital AssetsSM sent to the U.S. Senate Banking Committee related to the laws and regulations around the rapidly developing cryptocurrency and blockchain technology ecosystem.Institutional Research
Fidelity Digital AssetsSM serves institutional investors through its digital asset custody and trade execution platform and asset management arm. Read their recent research and insights.Digital Assets Principles
Any new laws, regulations or rules must be governed by principles that ensure a level playing field and that the United States remains a competitive market for new technologies to flourish. Fidelity’s four digital assets principles are: Digital Assets will fundamentally transform the financial service industry. These technologies have moved beyond single use cases as a payment mechanism or store of value and are part of a diverse ecosystem of digital assets that take many forms. Regulators have grappled with how to appropriately adapt or apply existing regulatory structures to digital assets. The time has come for regulators to recognize that digital assets are a unique and diverse asset class not completely captured by existing definitions and categories and adjust the regulatory framework accordingly. Regulators need to provide clear, consistent, and timely guidance that removes barriers to entry and adoption created by uncertainty and allows new participants and incumbent firms to innovate and compete on equal footing, including clarity and consistency across regulators and jurisdictions. Digital asset technologies offer meaningful, market enhancing benefits such as real-time settlement, transparency, immutable transactions and frictionless payments. New regulations are needed to address the unique aspects of digital assets that current securities, commodities and banking regulations do not address. Fidelity supports strong and swift regulatory action against bad actors in this space, which will instill confidence in the digital assets market and protect investors. Policing the digital assets space for fraud will instill greater confidence in mature and legitimate assets like bitcoin. We are committed to facilitating the adoption of and compliance with meaningful digital assets anti-money laundering regulations.
Investment Advice
Fidelity believes investment advice should be provided in the investor’s best interest while allowing savers continued choice and access to the products and services they need. We support the SEC’s Regulation Best Interest (Reg BI), which provides a strong and workable standard of conduct for broker-dealers, and believe states should assess the impact of Reg BI before creating state-specific standards.
Read the Facts
How a national standard (the SEC's Reg BI) is best for investors and allows them to choose and access the products and services they need.Our Point of View
Our POV on investment advice and the benefits of the SEC's Reg BI.Testimony
Check out our public testimony on the initial Massachusetts Fiduciary proposal.REGULATION BEST INTEREST
Puts Customers First Fidelity is committed to putting the interests of our customers first. Reg BI is consistent with this commitment because it obligates brokers to act in the best interest of the retail customer without placing the “financial or other interest of the broker-dealer” ahead of the interest of the retail customer. Raised the Bar For The Industry Reg BI contains a series of obligations for brokers that clearly strengthen and enhance existing investor protections. The rule requires brokers to disclose all material facts relating to conflicts of interest associated with a recommendation, such as a conflict associated with how a broker is compensated, and the fees and costs the customer may pay related to a security. In addition, brokers must consider the costs of a security and the reasonably available alternatives.Preserves Customer Choice The SEC s standard is designed to strengthen retail customer protections but preserve the ability of customers to choose the type of relationship and products that meet the needs of the retail customer The retail customer is free to choose a relationship with a broker—brokers provide transaction-based services and are paid on a commission basis—or an adviser—advisers provide on going financial planning and account monitoring and are paid a fee based on the amount of customer assets managed Strengthens and Aligns Rules The adoption of Reg BI means that both brokers and advisers are required to provide recommendations or advice that is in the best interest of customers and puts the financial interests of customers first h2 Supports Strong Enforcement Enforcement of Reg BI focuses on whether a broker fulfilled each new obligation of Reg BI and put customer interests first In addition brokers are required to implement written policies and procedures to ensure that conflicts are identified in addition to policies procedures and employee training designed to maintain compliance with Reg BI h2 Comment Letter
Read our comment letter to the Department of Labor on its investment advice proposal.In the News
InvestmentNews SIFMA Wants New SEC to Give Reg BI Time to Work Kiplinger Investors Win with New SEC 'Best Interest' Rules on Brokers The Wall Street Journal Fiduciary Rule Fixer-UpperMONEY MARKET FUNDS
Reforms must be narrowly tailored to address liquidity pressures in Institutional Prime Funds
Since 1974, Fidelity has served as a leading provider of money market funds (MMFs) and has extensive experience managing funds in both normal and stressed market conditions. Money market funds can provide significant benefits to investors small and large, the short-term funding markets and the broader economy, and are an attractive investment due to their convenience, high credit quality, and liquidity. Click below to read our views on proposed reforms.
Health Savings Accounts HSAs
Fidelity is a leading provider of health savings accounts (HSAs), which allow individuals to set aside money on a tax-advantaged basis to pay for qualified medical expenses. We support public policies that would increase contribution limits and expand access to HSAs by easing the eligibility rules. We believe HSAs should be available to more than just HSA-eligible health plan participants.
Our Point of View
Our POV on the benefits of HSAs and how policymakers can make them more effective.Letter
Read our letter to the Senate HELP Committee on Healthcare and HSAs.Research
Check out our recent research on the costs of healthcare in retirement.Financial Stability
Read why Fidelity believes recent improvements to the Financial Stability Oversight Council's (FSOC) approach to addressing potential risks to U.S. financial stability creates a strong and stable regulatory environment.MORE POLICY ISSUES
Statement For the Record
Read the statement we submitted to the House Financial Services Committee on Equity Market Structure and SRO Reform.Read the Facts
See how policies can support our changing workforce.Updates
Read about Fidelity Funds and U.S. sanctions on Chinese military companies. Back to top Keep up on our latest news and community outreach efforts.Media Inquiries?
Before investing, consider the funds’ investment objectives, risks, charges, and expenses. Contact Fidelity for a prospectus or, if available, a summary prospectus containing this information. Read it carefully. Content for this page is now being selected and published by ("FBS"), an SEC registered broker-dealer and member NYSE, . FBS makes available a full range of stocks, bonds, and mutual funds to individual and other investors through retirement and non-retirement accounts. FBS services its customers through local investor centers, regional telephone service centers and the internet. FBS is an affiliate of FICS. FBS must provide clients with certain financial information, including the , an FBS affiliate. Quotes are delayed unless otherwise noted. FICS is owned by FMR LLC and is an affiliate of Fidelity Brokerage Services LLC. The statements and opinions expressed within the articles found in 'Fidelity in the News' are those of the author. Fidelity Investments cannot guarantee the accuracy or completeness of any statements or data. Views expressed are as of the date indicated, based on the information available at that time, and may change based on market or other conditions. Unless otherwise noted, the opinions provided are those of the speaker or author and not necessarily those of Fidelity Investments or its affiliates. Fidelity does not assume any duty to update any of the information. Past performance is no guarantee of future results. Diversification/asset allocation does not ensure a profit or guarantee against loss. As with all your investments through Fidelity, you must make your own determination whether an investment in any particular security or securities is consistent with your investment objectives, risk tolerance, financial situation, and evaluation of the security. Fidelity is not recommending or endorsing investments by making them available to its customers. Investment decisions should be based on an individual’s own goals, time horizon, and tolerance for risk. Keep in mind that investing involves risk. The value of your investment will fluctuate over time and you may gain or lose money. Stock markets are volatile and can decline significantly in response to adverse issuer, political, regulatory, market, or economic developments. Foreign markets can be more volatile than U.S. markets due to increased risks of adverse issuer, political, market, or economic developments, all of which are magnified in emerging markets. These risks are particularly significant for investments that focus on a single country or region. In general the bond market is volatile, and fixed income securities carry interest rate risk. (As interest rates rise, bond prices usually fall, and vice versa. This effect is usually more pronounced for longer-term securities.) Fixed income securities also carry inflation risk, liquidity risk, call risk and credit and default risks for both issuers and counterparties. Unlike individual bonds, most bond funds do not have a maturity date, so avoiding losses caused by price volatility by holding them until maturity is not possible. Digital assets are speculative and highly volatile, can become illiquid at any time, and are for investors with a high-risk tolerance. Investors in digital assets could lose the entire value of their investment. ETFs are subject to market fluctuation and the risks of their underlying investments. ETFs are subject to management fees and other expenses. Unlike mutual funds, ETF shares are bought and sold at market price, which may be higher or lower than their NAV, and are not individually redeemed from the fund. Because of their narrow focus, sector funds tend to be more volatile than funds that diversify across many sectors and companies. Fidelity does not provide legal or tax advice. The information herein is general in nature and should not be considered legal or tax advice. Consult an attorney or tax professional regarding your specific situation. The trademarks and service marks appearing herein are the property of their respective owners. 996024.9.0 Copyright 1998-2022 FMR LLC. All Rights Reserved. In uncontested elections, Fidelity will generally vote in favor of incumbent and nominee directors except where a director has failed to exercise reasonable judgment. Fidelity will generally withhold authority on the election of all directors or directors on responsible committees if the directors acted contrary to certain aspects of the Guidelines during the period. Fidelity believes that strong management creates long-term shareholder value and we generally support management of companies in which the funds' assets are invested. In contested elections, Fidelity will vote on a case-by-case basis, taking into account factors such as management's track record and strategic plan for enhancing shareholder value; the long-term performance of the target company compared to its industry peers; the qualifications of the shareholder's and management's nominees; and other factors. Ultimately, Fidelity will vote for the outcome it believes has the best prospects for maximizing shareholder value over the long term.