Why PDF Fails the SEC rules
The PDF format has been used by the industry for a long time to present documents online. However, as new SEC rules have come to be and also new technologies have been adopted, a PDF-only solution unfortunately fails to meet the standards. On a stock iPad, there is a built-in PDF reader which has some critical faults:
Cross-document linking does not work
A critical fault, all internal document links (to sections of the same document as well as to external documents) fail on the stock iPad PDF reader. Therefore, PDF-only solutions fail to meet the SEC rule requiring that the user be able to switch between the Summary Prospectus, Prospectus and SAI (Statement of Additional Information).
Linkable table of contents does not work
In addition, internal document links not working also means the PDF-only solution fails the SEC rule requiring a linkable table of contents.
No full-text search and poor navigation
The built-in PDF reader for stock iPads does not allow full text searching nor strong navigation of the document. This fails the SEC intention for the online document to be better and more usable than the paper version.
How to Fix PDF-Only Solutions
Companies could add technology to detect the user's situation and react to the built-in PDF reader by presenting a way for the user to download a new app that can handle the rules and/or provide support options to help walk users through the process.
Or, companies could use EZSummaryPro which not only solves the above problems, but has increased usability and branding capabilities. See more about EZSummaryPro's benefits.
Read more about the SEC rules for Summary Prospectuses.
Read about the statistics of iPad and Tablet users in our Tablet Trends page.
Don't settle for PDF and failing to meet SEC rules for your customers, instead use EZSummaryPro and exceed all SEC rules!