SEC Proposes Regulation E-Delivery to Modernize Electronic Delivery Requirements
Who may be interested: Registered Investment Companies; Directors of Registered Investment Companies; Investment Advisers; Broker-Dealers; Private Funds
Quick Take: On July 16, 2026, the SEC proposed Regulation E-Delivery, a new framework that would make electronic delivery the default method for providing many required investor communications, including prospectuses, shareholder reports, proxy statements, and Form CRS disclosures. The proposal would replace the SEC’s longstanding guidance-based approach to e-delivery, reducing paper and mailing costs. Importantly, investors would still be able to request paper copies.
The proposed Regulation E-Delivery would significantly modernize how required disclosures are delivered under the federal securities laws. Today, many disclosures must be sent in paper form unless an investor affirmatively consents to electronic delivery. The proposed regulation would permit issuers, broker-dealers, investment advisers, investment companies, and other market participants (collectively, Covered Entities) to satisfy many delivery obligations electronically without first obtaining an investor’s affirmative consent, provided certain conditions and investor protections are met.
The proposal would apply broadly to regulatory communications, including prospectuses, shareholder reports, proxy statements, trade confirmations, Form CRS disclosures, and Form ADV brochures. The SEC believes the new framework could reduce printing, postage, and administrative costs while making information more accessible, timely, and user-friendly for investors.
Regulation E-Delivery would establish two methods of electronic delivery. Documents that do not contain personal financial information could be delivered directly to an investor’s electronic address. Documents containing personal financial information would only be available through a secure website to which the investor has access.
The proposal also includes several investor protection measures. Covered Entities would be required to provide instructions for requesting paper copies, opting out of electronic delivery, and updating electronic contact information. In addition, Covered Entities would be required to maintain policies and procedures designed to identify and remediate failed electronic deliveries, such as bounced emails or invalid addresses.
For those currently receiving paper communications, the SEC has proposed a transition process requiring two paper notices before electronic delivery becomes the default. Investors would receive an initial notice at least 180 days before the transition and a follow-up notice at least 30 days before the transition. Both notices would explain the upcoming change and rights to continue receiving paper communications.
The proposal also includes several related rule changes designed to support the new framework, including rescinding Rule 30e-3 under the 40 Act and amending certain proxy and tender offer dissemination rules under the Securities Exchange Act.
The proposal was published in the Federal Register on July 21, 2026. Comments to the Proposal should be submitted to the SEC on or before September 21, 2026.
The SEC’s press release can be accessed here. Our additional firm coverage of the proposed rule can be accessed here.