I 
118TH CONGRESS 
1ST SESSION H. R. 1807 
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 HOUSE OF REPRESENTATIVES 
MARCH 27, 2023 
Mr. HUIZENGA (for himself, Mr. AUCHINCLOSS, Mr. STEIL, and Mr. NICKEL) 
introduced the following bill; which was referred to the Committee on Fi-
nancial Services 
A BILL 
To direct the Securities and Exchange Commission to pro-
mulgate rules with respect to the electronic delivery of 
certain required disclosures, and for other purposes. 
Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled, 
SECTION 1. SHORT TITLE. 
This Act may be cited as the ‘‘Improving Disclosure 
for Investors Act of 2023’’. 
SEC. 2. ELECTRONIC DELIVERY. 
(a) PROMULGATION OF RULES.—Not later than 180 
days after the date of the enactment of this section, the 
Securities and Exchange Commission shall propose and, 
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not later than 1 year after the date of the enactment of 
this section, the Commission shall finalize, rules, regula-
tions, amendments, or interpretations, as appropriate, to 
allow a covered entity to satisfy the entity’s obligation to 
deliver regulatory documents required under the securities 
laws to investors using electronic delivery. 
(b) REQUIRED
PROVISIONS.—Rules, regulations, 
amendments, or interpretations the Commission promul-
gates pursuant to subsection (a) shall: 
(1) With respect to investors that do not receive 
all regulatory documents by electronic delivery, pro-
vide for— 
(A) delivery of an initial communication in 
paper form regarding electronic delivery; 
(B) a transition period not to exceed 180 
days until such regulatory documents are deliv-
ered to such investors by electronic delivery; 
and 
(C) during a period not to exceed 2 years 
following the transition period set forth in sub-
paragraph (B), delivery of an annual notice in 
paper form solely reminding such investors of 
the ability to opt out of electronic delivery at 
any time and receive paper versions of regu-
latory documents. 
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(2) Set forth requirements for the content of 
the initial communication described in paragraph 
(1)(A). 
(3) Set forth requirements for the timing of de-
livery of a notice of website availability of regulatory 
documents and the content of the appropriate notice 
described in subsection (h)(3)(B). 
(4) Provide a mechanism for investors to opt 
out of electronic delivery at any time and receive 
paper versions of regulatory documents. 
(5) Require measures reasonably designed to 
identify and remediate failed electronic deliveries of 
regulatory documents. 
(6) Set forth minimum requirements regarding 
readability and retainability for regulatory docu-
ments that are delivered electronically. 
(7) For covered entities other than brokers, 
dealers, investment advisers registered with the 
Commission, and investment companies, require 
measures reasonably designed to ensure the con-
fidentiality of personal information in regulatory 
documents that are delivered to investors electroni-
cally. 
(c) EXEMPTION FROM CERTAIN REQUIREMENTS.— 
Section 101(c) of the Electronic Signatures in Global and 
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National Commerce Act (15 U.S.C. 7001(c)) shall not 
apply with respect to a regulatory document delivered in 
accordance with this section. 
(d) RULE OF CONSTRUCTION.—Nothing in this sec-
tion shall be construed as altering the substance or timing 
of any regulatory document obligation under the securities 
laws or regulations of a self-regulatory organization. 
(e) TREATMENT OF REVISIONS NOT COMPLETED IN 
A TIMELY MANNER.—If the Commission fails to finalize 
the rules, regulations, amendments, or interpretations re-
quired under subsection (a) before the date specified in 
such subsection— 
(1) a covered entity may deliver regulatory doc-
uments using electronic delivery in accordance with 
subsections (b) through (d); and 
(2) such electronic delivery shall be deemed to 
satisfy the obligation of the covered entity to deliver 
regulatory documents required under the securities 
laws. 
(f) OTHER ACTION.— 
(1) REVIEW
OF
RULES.—The Commission 
shall— 
(A) within 180 days of the date of enact-
ment of this Act, conduct a review of the rules 
and regulations of the Commission to determine 
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whether any such rules or regulations require 
delivery of written documents to investors; and 
(B) within 1 year of the date of enactment 
of this Act, promulgate amendments to such 
rules or regulations to provide that any require-
ment to deliver a regulatory document ‘‘in writ-
ing’’ may be satisfied by electronic delivery. 
(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— 
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(A) an investment company (as defined in 
section 3(a)(1) of the Investment Company Act 
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); 
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(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 
(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); 
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(B) summary prospectuses meeting the re-
quirements of— 
(i) section 230.498 of title 17, Code of 
Federal Regulations; or 
(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 
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part 248 of title 17, Code of Federal Regula-
tions; 
(I) affiliate marketing notices meeting the 
requirements of Regulation S–AM under sub-
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 
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