any such rules or regulations require delivery of 
written documents to investors; and 
(B) propose amendments to any identified 
rules or regulations to eliminate the ‘‘in writ-
ing’’ requirement. 
(2) ACTIONS BY SELF-REGULATORY ORGANIZA-
TIONS.—Each 
self-regulatory 
organization 
shall 
adopt rules and regulations, or amend the rules and 
regulations of the self-regulatory organization, con-
sistent with this Act and consistent with rules, regu-
lations, amendments, or interpretations finalized by 
the Commission pursuant to subsection (a). 
(3) RULE
OF
APPLICATION.—This subsection 
shall not apply to a rule or regulation issued pursu-
ant to a Federal statute if that Federal statute spe-
cifically requires delivery of written documents to in-
vestors. 
(g) DEFINITIONS.—In this section: 
(1) COMMISSION.—The term ‘‘Commission’’ 
means the Securities and Exchange Commission. 
(2) COVERED ENTITY.—The term ‘‘covered en-
tity’’ means— 
(A) an investment company (as defined in 
section 3(a)(1) of the Investment Company Act 
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of 1940 (15 U.S.C. 80a–3)) 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))) that has 
elected to be regulated as such under such Act; 
(C) a registered broker or dealer (as de-
fined in section 3(a)(4) and section 3(a)(5) of 
the Securities Exchange Act of 1934) (15 
U.S.C. 78c(a)(4) & 78c(a)(5)); 
(D) a registered municipal securities dealer 
(as defined in section 3(a)(30) of the Securities 
Exchange Act of 1934) (15 U.S.C. 78c(a)(30)); 
(E) a registered government securities 
broker or government securities dealer (as de-
fined in section 3(a)(43) and section 3(a)(44) of 
the Securities Exchange Act of 1934) (15 
U.S.C. 78c(a)(43) & 78c(a)(44)); 
(F) a registered investment adviser (as de-
fined in section 202(a)(11) of the Investment 
Advisers Act of 1940) (15 U.S.C. 80b–1); 
(G) a registered transfer agent (as defined 
in section 3(a)(25) of the Securities Exchange 
Act of 1934) (15 U.S.C. 78c(a)); or 
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(H) a registered funding portal (as defined 
in section 3(a)(80) of the Securities Exchange 
Act of 1934) (15 U.S.C. 78c(a)). 
(3) ELECTRONIC DELIVERY.—The term ‘‘elec-
tronic delivery’’, with respect to regulatory docu-
ments, includes— 
(A) the direct delivery of such regulatory 
document to an electronic address of an inves-
tor; 
(B) the posting of such regulatory docu-
ment 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 de-
signed to ensure receipt of such regulatory doc-
ument by the investor. 
(4) 
REGULATORY
DOCUMENTS.—The 
term 
‘‘regulatory documents’’ includes— 
(A) prospectuses meeting the requirements 
of section 10(a) of the Securities Act of 1933 
(15 U.S.C. 77j); 
(B) summary prospectuses meeting the re-
quirements of— 
(i) section 230.498 of title 17, Code of 
Federal Regulations; or 
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(ii) section 230.498A of title 17, Code 
of Federal Regulations; 
(C) statements of additional information, 
as described under section 270.30e–3(h)(3) of 
title 17, Code of Federal Regulations; 
(D) annual and semi-annual reports to in-
vestors meeting the requirements of section 
30(e) of the Investment Company Act of 1940 
(15 U.S.C. 80a–29(e)); 
(E) notices meeting the requirements 
under section 270.19a–1 of title 17, Code of 
Federal Regulations; 
(F) confirmations and account statements 
meeting 
the 
requirements 
under 
section 
240.10b–10 of title 17, Code of Federal Regula-
tions; 
(G) proxy statements meeting the require-
ments under section 240.14a–3 of title 17, 
Code of Federal Regulations; 
(H) privacy notices meeting the require-
ments of Regulation S–P under subpart A of 
part 248 of title 17, Code of Federal Regula-
tions; 
(I) affiliate marketing notices meeting the 
requirements of Regulation S–AM under sub-
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part B of part 248 of title 17, Code of Federal 
Regulations; and 
(J) all other regulatory documents re-
quired to be delivered by covered entities to in-
vestors under the securities laws and the rules 
and regulations of the Commission and the self- 
regulatory organizations. 
(5) SECURITIES LAWS.—The term ‘‘securities 
laws’’ has the meaning given the term in section 
3(a) of the Securities Exchange Act of 1934 (15 
U.S.C. 78c(a)). 
(6) SELF-REGULATORY
ORGANIZATION.—The 
term ‘‘self-regulatory organization’’ means— 
(A) a self-regulatory organization, as de-
fined in section 2(a)(26) of the Securities Ex-
change Act of 1934 (15 U.S.C. 78c(a)); and 
(B) the Municipal Securities Rulemaking 
Board. 
(7) WEBSITE.—The term ‘‘website’’ means an 
internet website or other digital, internet, or elec-
tronic-based information repository, such as a mobile 
application, to which an investor of a covered entity 
has been provided reasonable access. 
Æ 
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