SEC Wants Companies to Email Investors by Default
Published Date: 7/21/2026
Proposed Rule
Summary
The SEC wants to make it easier for companies to send important financial info electronically without asking for permission first. This change affects companies, investors, and shareholders by speeding up how info is shared and cutting paper costs. Comments on this new rule are open until September 21, 2026, so get ready to weigh in!
Analyzed Economic Effects
5 provisions identified: 5 benefits, 0 costs, 0 mixed.
Projected fund and shareholder savings estimate
Industry submissions cited in the proposal estimate that default e-delivery for funds could save funds and their shareholders between $589 million and $797 million per year and $3 billion to $4 billion cumulatively over five years. The SEC cites these industry-provided savings figures in the proposal.
Electronic delivery becomes the default
The SEC is proposing Regulation E-Delivery to let covered entities deliver required securities disclosures and reports electronically by default without first getting affirmative consent. The proposal was published July 21, 2026, and comments are due September 21, 2026.
Free paper copies and opt-out must be available
Under the proposal, recipients may opt out of electronic delivery and request paper copies of covered information promptly and free of charge. The rule would require covered entities to permit updating electronic addresses and to provide paper on request.
Tighter rules for personal financial information
The proposal distinguishes covered information that includes personal financial information (PFI) and imposes conditions for e-delivering information that contains PFI to protect that data. The rule text explicitly addresses delivery of covered information that includes PFI.
Rescinding Rule 30e-3 and amending proxy rules
The SEC proposes to rescind Investment Company Act Rule 30e-3 and to amend proxy and tender-offer dissemination rules (Regulations 14A and 14C and Rule 14d-5) to align with the new e-delivery framework. These changes are intended to facilitate and promote consistency with Regulation E-Delivery.
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Key Dates
Department and Agencies
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