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Improving Disclosure for Investors Act of 2025

USA119th CongressS-1877| Senate 
| Updated: 5/22/2025
Thomas Tillis

Thomas Tillis

Republican Senator

North Carolina

Cosponsors (10)
Jeanne Shaheen (Democratic)Ruben Gallego (Democratic)Katie Boyd Britt (Republican)Catherine Cortez Masto (Democratic)John W. Hickenlooper (Democratic)Mike Rounds (Republican)Raphael G. Warnock (Democratic)Gary C. Peters (Democratic)Steve Daines (Republican)Ted Budd (Republican)

Banking, Housing, and Urban Affairs Committee

  • Introduced
  • In Committee
  • On Floor
  • Passed Chamber
  • Enacted
This bill, titled the "Improving Disclosure for Investors Act of 2025," mandates that the Securities and Exchange Commission (SEC) propose and finalize rules within specific timelines to permit various covered entities to use electronic delivery for required regulatory documents. These entities include investment companies, brokers, dealers, and investment advisers. The regulatory documents encompass a wide range, such as prospectuses, annual reports, proxy statements, and privacy notices, among others. The rules promulgated by the SEC must include several key provisions to protect investors. For those not initially receiving documents electronically, there must be an initial paper communication , a transition period, and an annual paper reminder for up to two years about the ability to opt out. Crucially, the rules must provide a mechanism for investors to opt out of electronic delivery at any time and receive paper versions of documents. Additionally, the SEC's rules must set requirements for the content and timing of electronic notices, mandate measures to identify and remediate failed electronic deliveries, and establish minimum standards for readability and retainability of electronically delivered documents. Should the SEC fail to finalize these rules within one year of the bill's enactment, covered entities will be permitted to deliver regulatory documents electronically in accordance with the bill's outlined requirements, and such delivery will be deemed compliant. The bill also requires the SEC to review its existing rules to amend any requirements for written document delivery to allow for electronic delivery, unless a federal statute specifically prohibits it. Furthermore, self-regulatory organizations must adopt consistent rules, and these electronic deliveries will be exempt from certain consent requirements of the Electronic Signatures in Global and National Commerce Act.
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Timeline

Bill from Previous Congress

S 118-3815
Improving Disclosure for Investors Act of 2024
May 22, 2025
Introduced in Senate
May 22, 2025
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Jun 4, 2025

Latest Companion Bill Action

HR 119-2441
Placed on the Union Calendar, Calendar No. 105.
  • Bill from Previous Congress

    S 118-3815
    Improving Disclosure for Investors Act of 2024


  • May 22, 2025
    Introduced in Senate


  • May 22, 2025
    Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.


  • June 4, 2025

    Latest Companion Bill Action

    HR 119-2441
    Placed on the Union Calendar, Calendar No. 105.

Finance and Financial Sector

Improving Disclosure for Investors Act of 2025

USA119th CongressS-1877| Senate 
| Updated: 5/22/2025
This bill, titled the "Improving Disclosure for Investors Act of 2025," mandates that the Securities and Exchange Commission (SEC) propose and finalize rules within specific timelines to permit various covered entities to use electronic delivery for required regulatory documents. These entities include investment companies, brokers, dealers, and investment advisers. The regulatory documents encompass a wide range, such as prospectuses, annual reports, proxy statements, and privacy notices, among others. The rules promulgated by the SEC must include several key provisions to protect investors. For those not initially receiving documents electronically, there must be an initial paper communication , a transition period, and an annual paper reminder for up to two years about the ability to opt out. Crucially, the rules must provide a mechanism for investors to opt out of electronic delivery at any time and receive paper versions of documents. Additionally, the SEC's rules must set requirements for the content and timing of electronic notices, mandate measures to identify and remediate failed electronic deliveries, and establish minimum standards for readability and retainability of electronically delivered documents. Should the SEC fail to finalize these rules within one year of the bill's enactment, covered entities will be permitted to deliver regulatory documents electronically in accordance with the bill's outlined requirements, and such delivery will be deemed compliant. The bill also requires the SEC to review its existing rules to amend any requirements for written document delivery to allow for electronic delivery, unless a federal statute specifically prohibits it. Furthermore, self-regulatory organizations must adopt consistent rules, and these electronic deliveries will be exempt from certain consent requirements of the Electronic Signatures in Global and National Commerce Act.
View Full Text

Suggested Questions

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

Timeline

Bill from Previous Congress

S 118-3815
Improving Disclosure for Investors Act of 2024
May 22, 2025
Introduced in Senate
May 22, 2025
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Jun 4, 2025

Latest Companion Bill Action

HR 119-2441
Placed on the Union Calendar, Calendar No. 105.
  • Bill from Previous Congress

    S 118-3815
    Improving Disclosure for Investors Act of 2024


  • May 22, 2025
    Introduced in Senate


  • May 22, 2025
    Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.


  • June 4, 2025

    Latest Companion Bill Action

    HR 119-2441
    Placed on the Union Calendar, Calendar No. 105.
Thomas Tillis

Thomas Tillis

Republican Senator

North Carolina

Cosponsors (10)
Jeanne Shaheen (Democratic)Ruben Gallego (Democratic)Katie Boyd Britt (Republican)Catherine Cortez Masto (Democratic)John W. Hickenlooper (Democratic)Mike Rounds (Republican)Raphael G. Warnock (Democratic)Gary C. Peters (Democratic)Steve Daines (Republican)Ted Budd (Republican)

Banking, Housing, and Urban Affairs Committee

Finance and Financial Sector

  • Introduced
  • In Committee
  • On Floor
  • Passed Chamber
  • Enacted