SEC proposes Regulation E-Delivery to make electronic investor communications the default
The proposal would expand how issuers, broker-dealers and investment advisers satisfy securities disclosure obligations electronically while preserving investors’ right to request paper copies.
The SEC on July 17 formally proposed Regulation E-Delivery, a rule change that would make electronic delivery the default method for a wide range of required investor disclosures while preserving investors’ ability to request paper copies. The proposal would apply to issuers, broker-dealers and investment advisers and cover documents including prospectuses, shareholder reports, proxy statements, trade confirmations, Form CRS and Form ADV Part 2. The SEC said the measure would replace much of its older guidance-based framework for electronic delivery with a more formal rules-based approach. SEC Chair Paul Atkins said paper delivery should become a “historical relic” in the age of AI and blockchain. The proposal will next enter a public comment period.
- Regulation E-Delivery: A proposed SEC rule that would make electronic delivery the default for required investor documents.
- broker-dealers: Securities firms that buy and sell investments for clients or for their own accounts.
- Form CRS: A short relationship summary that gives retail investors key information about a firm and its services.