Improving Disclosure for Investors Act of 2025

Summary

Requires the Securities and Exchange Commission to create a regulatory framework allowing broker‑dealers, investment advisers, funds, transfer agents, funding portals, and other SEC‑regulated entities to meet delivery requirements for prospectuses, reports, notices, statements, proxy materials, and related regulatory documents by electronic delivery. The SEC must propose rules within 180 days and adopt final rules within one year; the bill sets required protections (initial paper contact, opt‑out rights, failed‑delivery remediation, readability/retainability standards, confidentiality safeguards) and allows entities to use electronic delivery if the SEC does not act on time.

• Directs the SEC to issue rules allowing SEC‑regulated entities to deliver required securities documents electronically.
• Requires a proposed rule within 180 days and a final rule within one year of enactment.
• Specifies investor protections: initial paper contact, easy opt‑out, failed‑delivery remediation, readability/retainability standards, and confidentiality safeguards.
• Covered entities include investment companies, brokers/dealers, investment advisers, transfer agents, and funding portals.
• Regulatory documents covered include prospectuses, reports, confirmations, proxy materials, privacy and marketing notices, and other delivery‑required documents.
• If the SEC misses deadlines, entities may rely on the statute’s built‑in requirements to deliver electronically.
• Directs the SEC and self‑regulatory organizations to amend their rules to permit electronic satisfaction of written‑delivery requirements unless another federal statute requires paper.
• Does not change what documents must be delivered or the timing of delivery—only the permitted delivery method and protections.
• Excludes these regulatory documents from one subsection of the E‑SIGN Act to clarify applicability.