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119-s-1877119th CongressWALLET

Improving Disclosure for Investors Act of 2025

Sponsored By: Senator Tillis, Thomas [R-NC]

Introduced

Summary

Electronic delivery of regulatory documents. This bill would require the Securities and Exchange Commission to set rules letting many registered financial firms send prospectuses, reports, confirmations, proxy statements, privacy notices, and other required materials electronically. It sets deadlines and basic consumer protections for how electronic delivery must work.

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  • Investors: Investors could receive core documents by email, website posting with notice, or other methods designed to ensure receipt. They would get an initial paper notice, a transition period up to 180 days, and the option to opt out and receive paper at any time.
  • Covered entities (funds, brokers, dealers, advisers, transfer agents, and registered funding portals): These firms would be allowed to deliver required regulatory documents electronically if they follow SEC rules. If the SEC does not finalize rules on time, firms may deliver electronically under the bill's standards and be treated as complying with delivery obligations.
  • Privacy for certain firms: Covered entities other than brokers, dealers, SEC-registered advisers, and investment companies must adopt measures to protect personal information in electronic deliveries.
  • Self-regulatory organizations: Exchanges and other SROs must update their rules to match the SEC's rules and this Act.

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Bill Overview

Analyzed Economic Effects

1 provisions identified: 1 benefits, 0 costs, 0 mixed.

New electronic delivery rules for investors

If enacted, the SEC would write rules letting covered firms send required investor documents electronically. Covered firms would include registered funds, business development companies, brokers and dealers, municipal and government securities dealers, registered investment advisers, transfer agents, and registered funding portals. The SEC must propose rules within 180 days and finalize them within 1 year. Rules would allow direct email delivery, website posting with notice, or other methods that ensure receipt. Firms would have to send an initial paper notice, give up to 180 days to switch to electronic delivery, and send annual paper reminders for up to 2 years. Investors could opt out any time and get paper copies. Rules would require fixes for failed deliveries and set readability, retainability, and privacy protections. Self-regulatory organizations would have to update their rules to match the SEC. Section 101(c) of the E-SIGN Act would not apply to documents sent under this framework. If the SEC misses the deadlines, covered firms could use these electronic-delivery rules in the interim.

Sponsors & CoSponsors

Sponsor

Tillis, Thomas [R-NC]

NC • R

Cosponsors

  • Sen. Hickenlooper, John W. [D-CO]

    CO • D

    Sponsored 5/22/2025

  • Sen. Shaheen, Jeanne [D-NH]

    NH • D

    Sponsored 5/22/2025

  • Sen. Rounds, Mike [R-SD]

    SD • R

    Sponsored 5/22/2025

  • Sen. Peters, Gary C. [D-MI]

    MI • D

    Sponsored 5/22/2025

  • Sen. Budd, Ted [R-NC]

    NC • R

    Sponsored 5/22/2025

  • Sen. Britt, Katie Boyd [R-AL]

    AL • R

    Sponsored 5/22/2025

  • Sen. Warnock, Raphael G. [D-GA]

    GA • D

    Sponsored 7/9/2025

  • Sen. Daines, Steve [R-MT]

    MT • R

    Sponsored 10/23/2025

  • Sen. Gallego, Ruben [D-AZ]

    AZ • D

    Sponsored 10/23/2025

  • Sen. Cortez Masto, Catherine [D-NV]

    NV • D

    Sponsored 2/3/2026

Roll Call Votes

No roll call votes available for this bill.

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