Legis Daily

Improving Disclosure for Investors Act of 2025

USA119th CongressHR-2441| House 
| Updated: 6/4/2025
Bill Huizenga

Bill Huizenga

Republican Representative

Michigan

Cosponsors (7)
Eugene Simon Vindman (Democratic)Jake Auchincloss (Democratic)Ann Wagner (Republican)Brittany Pettersen (Democratic)Brad Sherman (Democratic)Lisa C. McClain (Republican)Bryan Steil (Republican)

Financial Services Committee

  • Introduced
  • In Committee
  • On Floor
  • Passed Chamber
  • Enacted
This bill mandates the Securities and Exchange Commission (SEC) to establish rules for the electronic delivery of regulatory documents to investors. The SEC must propose these rules within 180 days and finalize them within one year of the Act's enactment, allowing various financial entities to satisfy their disclosure obligations electronically. The rules promulgated by the SEC must include several key investor protections. For investors who do not initially receive documents electronically, there must be an initial paper communication about electronic delivery, followed by a transition period not exceeding 180 days. Additionally, for up to two years after the transition, an annual paper notice must remind investors of their continuous ability to opt out and receive paper versions of documents at any time. Further requirements for the SEC's rules include setting standards for the content of initial communications and notices of website availability. The rules must also mandate measures to identify and remediate failed electronic deliveries , establish minimum readability and retainability standards for electronic documents, and ensure confidentiality of personal information for certain covered entities. Importantly, if the SEC fails to finalize the rules within the specified timeframe, covered entities are permitted to proceed with electronic delivery in accordance with the bill's provisions, which will be deemed to satisfy their regulatory obligations. The bill defines covered entities broadly to include investment companies, brokers, dealers, investment advisers, and other registered financial entities. Regulatory documents encompass a wide range of disclosures such as prospectuses, annual and semi-annual reports, proxy statements, and privacy notices. The Act also directs the SEC to review and amend existing rules to allow "in writing" requirements to be met electronically and requires self-regulatory organizations to adopt consistent rules.

Bill Text Versions

View Text
2 versions available

Suggested Questions

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Timeline

Bill from Previous Congress

HR 117-9570
Improving Disclosure for Investors Act of 2022

Bill from Previous Congress

HR 118-1807
Improving Disclosure for Investors Act of 2023
Mar 27, 2025
Introduced in House
Mar 27, 2025
Referred to the House Committee on Financial Services.
May 20, 2025
Ordered to be Reported (Amended) by the Yeas and Nays: 39 - 11.
May 20, 2025
Committee Consideration and Mark-up Session Held
May 22, 2025

Latest Companion Bill Action

S 119-1877
Introduced in Senate
Jun 4, 2025
Placed on the Union Calendar, Calendar No. 105.
Jun 4, 2025
Reported (Amended) by the Committee on Financial Services. H. Rept. 119-136.
  • Bill from Previous Congress

    HR 117-9570
    Improving Disclosure for Investors Act of 2022


  • Bill from Previous Congress

    HR 118-1807
    Improving Disclosure for Investors Act of 2023


  • March 27, 2025
    Introduced in House


  • March 27, 2025
    Referred to the House Committee on Financial Services.


  • May 20, 2025
    Ordered to be Reported (Amended) by the Yeas and Nays: 39 - 11.


  • May 20, 2025
    Committee Consideration and Mark-up Session Held


  • May 22, 2025

    Latest Companion Bill Action

    S 119-1877
    Introduced in Senate


  • June 4, 2025
    Placed on the Union Calendar, Calendar No. 105.


  • June 4, 2025
    Reported (Amended) by the Committee on Financial Services. H. Rept. 119-136.

Finance and Financial Sector

Business recordsComputers and information technologyCorporate finance and managementSecurities

Improving Disclosure for Investors Act of 2025

USA119th CongressHR-2441| House 
| Updated: 6/4/2025
This bill mandates the Securities and Exchange Commission (SEC) to establish rules for the electronic delivery of regulatory documents to investors. The SEC must propose these rules within 180 days and finalize them within one year of the Act's enactment, allowing various financial entities to satisfy their disclosure obligations electronically. The rules promulgated by the SEC must include several key investor protections. For investors who do not initially receive documents electronically, there must be an initial paper communication about electronic delivery, followed by a transition period not exceeding 180 days. Additionally, for up to two years after the transition, an annual paper notice must remind investors of their continuous ability to opt out and receive paper versions of documents at any time. Further requirements for the SEC's rules include setting standards for the content of initial communications and notices of website availability. The rules must also mandate measures to identify and remediate failed electronic deliveries , establish minimum readability and retainability standards for electronic documents, and ensure confidentiality of personal information for certain covered entities. Importantly, if the SEC fails to finalize the rules within the specified timeframe, covered entities are permitted to proceed with electronic delivery in accordance with the bill's provisions, which will be deemed to satisfy their regulatory obligations. The bill defines covered entities broadly to include investment companies, brokers, dealers, investment advisers, and other registered financial entities. Regulatory documents encompass a wide range of disclosures such as prospectuses, annual and semi-annual reports, proxy statements, and privacy notices. The Act also directs the SEC to review and amend existing rules to allow "in writing" requirements to be met electronically and requires self-regulatory organizations to adopt consistent rules.

Bill Text Versions

View Text
2 versions available

Suggested Questions

Get AI-generated questions to help you understand this bill better

Timeline

Bill from Previous Congress

HR 117-9570
Improving Disclosure for Investors Act of 2022

Bill from Previous Congress

HR 118-1807
Improving Disclosure for Investors Act of 2023
Mar 27, 2025
Introduced in House
Mar 27, 2025
Referred to the House Committee on Financial Services.
May 20, 2025
Ordered to be Reported (Amended) by the Yeas and Nays: 39 - 11.
May 20, 2025
Committee Consideration and Mark-up Session Held
May 22, 2025

Latest Companion Bill Action

S 119-1877
Introduced in Senate
Jun 4, 2025
Placed on the Union Calendar, Calendar No. 105.
Jun 4, 2025
Reported (Amended) by the Committee on Financial Services. H. Rept. 119-136.
  • Bill from Previous Congress

    HR 117-9570
    Improving Disclosure for Investors Act of 2022


  • Bill from Previous Congress

    HR 118-1807
    Improving Disclosure for Investors Act of 2023


  • March 27, 2025
    Introduced in House


  • March 27, 2025
    Referred to the House Committee on Financial Services.


  • May 20, 2025
    Ordered to be Reported (Amended) by the Yeas and Nays: 39 - 11.


  • May 20, 2025
    Committee Consideration and Mark-up Session Held


  • May 22, 2025

    Latest Companion Bill Action

    S 119-1877
    Introduced in Senate


  • June 4, 2025
    Placed on the Union Calendar, Calendar No. 105.


  • June 4, 2025
    Reported (Amended) by the Committee on Financial Services. H. Rept. 119-136.
Bill Huizenga

Bill Huizenga

Republican Representative

Michigan

Cosponsors (7)
Eugene Simon Vindman (Democratic)Jake Auchincloss (Democratic)Ann Wagner (Republican)Brittany Pettersen (Democratic)Brad Sherman (Democratic)Lisa C. McClain (Republican)Bryan Steil (Republican)

Financial Services Committee

Finance and Financial Sector

  • Introduced
  • In Committee
  • On Floor
  • Passed Chamber
  • Enacted
Business recordsComputers and information technologyCorporate finance and managementSecurities