S. 1877
119th CONGRESS 1st Session
To direct the Securities and Exchange Commission to promulgate rules with respect to the electronic delivery of certain required disclosures, and for other purposes.
IN THE SENATE OF THE UNITED STATES · May 22, 2025 · Sponsor: Mr. Tillis · Committee: Committee on Banking, Housing, and Urban Affairs
Table of contents
SEC. 1. Short title
This Act may be cited as the "Improving Disclosure for Investors Act of 2025".
SEC. 2. Definitions
In this Act: (1) The term Commission means the Securities and Exchange Commission.
(2) The term covered entity means— (A) an investment company, as defined in section 3(a)(1) of the Investment Company Act of 1940 (15 U.S.C. 80a–3(a)(1)), that is registered under such Act; (B) a business development company, as defined in section 2(a) the Investment Company Act of 1940 (15 U.S.C. 80a–2(a)); (C) a registered broker or dealer, as those terms are defined in section 3(a) of the Securities Exchange Act of 1934 (15 U.S.C. 78c(a)); (D) a registered municipal securities dealer, as defined in section 3(a) of the Securities Exchange Act of 1934 (15 U.S.C. 78c(a)); (E) a registered government securities broker or government securities dealer, as defined in section 3(a) of the Securities Exchange Act of 1934 (15 U.S.C. 78c(a)); (F) a registered investment adviser, as defined in section 202(a) of the Investment Advisers Act of 1940 (15 U.S.C. 80b–1(a)); (G) a registered transfer agent, as defined in section 3(a) of the Securities Exchange Act of 1934 (15 U.S.C. 78c(a)); or (H) a registered funding portal, as defined in section 3(a) of the Securities Exchange Act of 1934) (15 U.S.C. 78c(a)).
(3) The term , with respect to regulatory documents, includes— electronic delivery (A) the direct delivery of such regulatory document to an electronic address of an investor; (B) the posting of such regulatory document to a website and direct electronic delivery of an appropriate notice of the availability of the regulatory document to the investor; and (C) an electronic method reasonably designed to ensure receipt of such regulatory document by the investor.