I 
117TH CONGRESS 
2D SESSION 
H. R. 9570 
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 
DECEMBER 15, 2022 
Mr. HUIZENGA (for himself and Mr. AUCHINCLOSS) introduced the following 
bill; which was referred to the Committee on Financial 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 2022’’. 
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, 
VerDate Sep 11 2014 
03:19 Dec 28, 2022
Jkt 039200
PO 00000
Frm 00001
Fmt 6652
Sfmt 6201
E:\BILLS\H9570.IH
H9570
pbinns on DSKJLVW7X2PROD with $$_JOB
not later than 1 year after the date of the enactment of 
this section, the Commission shall finalize, rules, regula-
tions, amendments, or interpretations, as appropriate, to 
allow a covered entity to satisfy the entity’s obligation to 
deliver regulatory documents required under the securities 
laws to investors using electronic delivery. 
(b) REQUIRED
PROVISIONS.—Rules, regulations, 
amendments, or interpretations the Commission promul-
gates pursuant to subsection (a) shall: 
(1) With respect to investors that do not receive 
all regulatory documents by electronic delivery, pro-
vide for— 
(A) delivery of an initial communication in 
paper form regarding electronic delivery; 
(B) a transition period not to exceed 180 
days until such regulatory documents are deliv-
ered to such investors by electronic delivery; 
and 
(C) during a period not to exceed 2 years 
following the transition period set forth in sub-
paragraph (B), delivery of an annual notice in 
paper form solely reminding such investors of 
the ability to opt out of electronic delivery at 
any time and receive paper versions of regu-
latory documents. 
VerDate Sep 11 2014 
03:19 Dec 28, 2022
Jkt 039200
PO 00000
Frm 00002
Fmt 6652
Sfmt 6201
E:\BILLS\H9570.IH
H9570
pbinns on DSKJLVW7X2PROD with $$_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 (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 
VerDate Sep 11 2014 
03:19 Dec 28, 2022
Jkt 039200
PO 00000
Frm 00003
Fmt 6652
Sfmt 6201
E:\BILLS\H9570.IH
H9570
pbinns on DSKJLVW7X2PROD with $$_JOB
National Commerce Act (15 U.S.C. 7001(c)) shall not 
apply with respect to a regulatory document delivered in 
accordance with this section. 
(d) RULE OF CONSTRUCTION.—Nothing in this sec-
tion shall be construed as altering the substance or timing 
of any regulatory document obligation under the securities 
laws or regulations of a self-regulatory organization. 
(e) TREATMENT OF REVISIONS NOT COMPLETED IN 
A TIMELY MANNER.—If the Commission fails to finalize 
the rules, regulations, amendments, or interpretations re-
quired under subsection (a) before the date specified in 
such subsection— 
(1) a covered entity may deliver regulatory doc-
uments using electronic delivery in accordance with 
subsections (b) through (d); and 
(2) such electronic delivery shall be deemed to 
satisfy the obligation of the covered entity to deliver 
regulatory documents required under the securities 
laws. 
(f) OTHER ACTION.— 
(1) REVIEW OF RULES.—The Commission shall, 
within 180 days of the date of enactment of this 
Act— 
(A) conduct a review of the rules and regu-
lations of the Commission to determine whether 
VerDate Sep 11 2014 
03:19 Dec 28, 2022
Jkt 039200
PO 00000
Frm 00004
Fmt 6652
Sfmt 6201
E:\BILLS\H9570.IH
H9570
pbinns on DSKJLVW7X2PROD with $$_JOB