I 
119TH CONGRESS 
1ST SESSION H. R. 2441 
To provide for the electronic delivery of certain regulatory document required 
under the securities laws. 
IN THE HOUSE OF REPRESENTATIVES 
MARCH 27, 2025 
Mr. HUIZENGA
(for himself, Mr. SHERMAN, Mr. STEIL, and Mr. 
AUCHINCLOSS) introduced the following bill; which was referred to the 
Committee on Financial Services 
A BILL 
To provide for the electronic delivery of certain regulatory 
document required under the securities laws. 
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 2025’’. 
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, 
not later than 1 year after the date of the enactment of 
VerDate Sep 11 2014 
02:30 Apr 03, 2025
Jkt 059200
PO 00000
Frm 00001
Fmt 6652
Sfmt 6201
E:\BILLS\H2441.IH
H2441
kjohnson on DSK7ZCZBW3PROD with $$_JOB
this section, the Commission shall finalize, rules, regula-
tions, amendments, or interpretations, as appropriate, to 
allow a covered entity to satisfy the entity’s obligation to 
deliver regulatory documents required under the securities 
laws to investors using electronic delivery. 
(b) REQUIRED
PROVISIONS.—Rules, regulations, 
amendments, or interpretations the Commission promul-
gates pursuant to subsection (a) shall: 
(1) With respect to investors that do not receive 
all regulatory documents by electronic delivery, pro-
vide for— 
(A) delivery of an initial communication in 
paper form regarding electronic delivery; 
(B) a transition period not to exceed 180 
days until such regulatory documents are deliv-
ered to such investors by electronic delivery; 
and 
(C) during a period not to exceed 2 years 
following the transition period set forth in sub-
paragraph (B), delivery of an annual notice in 
paper form solely reminding such investors of 
the ability to opt out of electronic delivery at 
any time and receive paper versions of regu-
latory documents. 
VerDate Sep 11 2014 
02:30 Apr 03, 2025
Jkt 059200
PO 00000
Frm 00002
Fmt 6652
Sfmt 6201
E:\BILLS\H2441.IH
H2441
kjohnson on DSK7ZCZBW3PROD with $$_JOB
(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 (f)(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) RULE OF CONSTRUCTION.—Nothing in this sec-
tion shall be construed as altering the substance or timing 
VerDate Sep 11 2014 
02:30 Apr 03, 2025
Jkt 059200
PO 00000
Frm 00003
Fmt 6652
Sfmt 6201
E:\BILLS\H2441.IH
H2441
kjohnson on DSK7ZCZBW3PROD with $$_JOB
of any regulatory document obligation under the securities 
laws or regulations of a self-regulatory organization. 
(d) TREATMENT OF REVISIONS NOT COMPLETED IN 
A TIMELY MANNER.—If the Commission fails to finalize 
the rules, regulations, amendments, or interpretations re-
quired under subsection (a) before the date specified in 
such subsection— 
(1) a covered entity may deliver regulatory doc-
uments using electronic delivery in accordance with 
subsections (b) and (c); and 
(2) such electronic delivery shall be deemed to 
satisfy the obligation of the covered entity to deliver 
regulatory documents required under the securities 
laws. 
(e) OTHER REQUIRED ACTIONS.— 
(1) REVIEW
OF
RULES.—The Commission 
shall— 
(A) within 180 days of the date of enact-
ment of this Act, conduct a review of the rules 
and regulations of the Commission to determine 
whether any such rules or regulations require 
delivery of written documents to investors; and 
(B) within 1 year of the date of enactment 
of this Act, promulgate amendments to such 
rules or regulations to provide that any require-
VerDate Sep 11 2014 
02:30 Apr 03, 2025
Jkt 059200
PO 00000
Frm 00004
Fmt 6652
Sfmt 6201
E:\BILLS\H2441.IH
H2441
kjohnson on DSK7ZCZBW3PROD with $$_JOB
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. 
(f) 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 
of 1940 (15 U.S.C. 80a–3(a)(1))) that is reg-
istered under such Act; 
(B) a business development company (as 
defined in section 2(a) of the Investment Com-
VerDate Sep 11 2014 
02:30 Apr 03, 2025
Jkt 059200
PO 00000
Frm 00005
Fmt 6652
Sfmt 6201
E:\BILLS\H2441.IH
H2441
kjohnson on DSK7ZCZBW3PROD with $$_JOB
part B of part 248 of title 17, Code of Federal 
Regulations; and 
(J) all other regulatory documents re-
quired to be delivered by covered entities to in-
vestors under the securities laws and the rules 
and regulations of the Commission and the self- 
regulatory organizations. 
(5) SECURITIES LAWS.—The term ‘‘securities 
laws’’ has the meaning given the term in section 
3(a) of the Securities Exchange Act of 1934 (15 
U.S.C. 78c(a)). 
(6) SELF-REGULATORY
ORGANIZATION.—The 
term ‘‘self-regulatory organization’’ means— 
(A) a self-regulatory organization, as de-
fined in section 3(a)(26) of the Securities Ex-
change Act of 1934 (15 U.S.C. 78c(a)(26)); 
and 
(B) the Municipal Securities Rulemaking 
Board. 
(7) WEBSITE.—The term ‘‘website’’ means an 
internet website or other digital, internet, or elec-
tronic-based information repository, such as a mobile 
application, to which an investor of a covered entity 
has been provided reasonable access. 
Æ 
VerDate Sep 11 2014 
02:30 Apr 03, 2025
Jkt 059200
PO 00000
Frm 00009
Fmt 6652
Sfmt 6301
E:\BILLS\H2441.IH
H2441
kjohnson on DSK7ZCZBW3PROD with $$_JOB