The US SEC has announced a new proposal to make electronic delivery of regulatory disclosures the default, aiming to streamline communications for market participants while preserving investor opt-out rights.
The US Securities and Exchange Commission has moved to overhaul how firms send regulatory disclosures, proposing a regime that would make electronic delivery the default for issuers, advisers, broker-dealers and other market participants. The plan, unveiled on 16 July 2026, would allow covered entities to send required information electronically unless the recipient actively chooses paper instead.
The proposal, known as Regulation E-Delivery, would replace the SEC’s current consent-based approach, under which firms generally need affirmative permission before switching clients and investors to electronic communications. In a statement, SEC Chair Paul Atkins said the initiative was intended to help the financial services industry use technology to better serve everyday investors. Commissioner Hester Peirce described it as a long-awaited step towards making electronic delivery the default, while Commissioner Mark Uyeda framed the issue as the question of how disclosure should reach investors, not merely what should be disclosed.
If adopted, the rule would have wide reach across the federal securities laws. It would cover entities with existing delivery obligations, including registered investment companies, business development companies, investment advisers, broker-dealers and transfer agents, as well as certain parties involved in tender offers and contested proxy fights. The information covered could include prospectuses, shareholder reports, proxy materials and tender offer documents.
Under the proposal, a firm could rely on e-delivery if it has an electronic address for the recipient, gives prominent notice that it will use that address for delivery, and the recipient has not opted out. Investors would retain the right to switch back to paper at any time and could request a paper copy free of charge.
The SEC outlined two acceptable ways of delivering material electronically. One, a notice directing the recipient to a secure website, would be required for information containing personal financial information and would also be available more broadly. The other, direct delivery in the body of an email or as an attachment in a widely accessible format, would be limited to information that does not contain personal financial information.
The proposal also calls for written policies and procedures designed to detect failed electronic delivery and fix problems. Websites hosting the material would have to satisfy requirements on availability, timing, formatting and retention.
A notable feature of the plan is its treatment of the Electronic Signatures in Global and National Commerce Act. The SEC would exempt information delivered under Regulation E-Delivery from E-SIGN’s consumer consent process, which currently applies when documents that must be provided “in writing” are sent electronically.
For investors who still receive paper, the transition would be gradual. The SEC said firms would need to send two paper notices before shifting those recipients to electronic delivery: an initial notice at least 180 days in advance, followed by another at least 30 days before the change.
The proposal would also reshape several existing regimes. It would rescind Rule 30e-3, which currently offers a separate online-delivery route for registered investment companies, closed-end funds and BDCs. It would also alter rules governing proxy materials and tender offer documents, replacing the SEC’s current “notice and access” framework with a system that would require full paper delivery to shareholders who opt out of electronic communications or never provide an electronic address.
That change could be especially significant for funds and BDCs with large retail shareholder bases, which may need to undertake outreach to gather electronic addresses if they want to take advantage of the new framework. The SEC also indicated that tender offer and proxy contest materials could be sent electronically, including in circumstances where an issuer may need to distribute another party’s solicitation materials.
According to the SEC, the proposal would not take effect immediately even if adopted. The agency has proposed a two-year transition period before its older interpretive guidance on electronic delivery is withdrawn, beginning 60 days after publication of any final rule in the Federal Register. The public comment period would run for 60 days after publication of the proposing release in the Federal Register, with comments due by 21 September 2026.
- https://www.jdsupra.com/legalnews/sec-proposes-framework-permitting-8791120/ – Please view link – unable to able to access data
- https://www.sec.gov/newsroom/press-releases/2026-67-sec-proposes-new-e-delivery-approach-make-information-more-readily-accessible-useful-investors – On July 16, 2026, the SEC proposed Regulation E-Delivery, a new rule that would allow issuers, investment advisers, broker-dealers, and others to make electronic delivery (e-delivery) the default method for delivering regulatory disclosures under the federal securities laws. If adopted, Reg E-Delivery would generally supersede the SEC’s current guidance-based e-delivery framework, which requires issuers and market intermediaries to obtain affirmative consent from disclosure recipients before using e-delivery. Reg E-Delivery would permit covered entities to establish e-delivery as their default delivery method unless a recipient affirmatively opts out. To facilitate the Reg E-Delivery framework, the proposal would rescind and amend certain existing regulations, some of which are discussed in more detail later in this briefing. Notably, the proposal would rescind Rule 30e-3 under the Investment Company Act of 1940 (1940 Act), which provides alternative means for registered investment companies to satisfy shareholder report transmission requirements. It would also amend certain rules addressing the dissemination of proxy materials and tender offer materials in Regulations 14A and 14C and Rule 14d-5 under the Securities Exchange Act of 1934 (Exchange Act).
- https://www.sec.gov/newsroom/speeches-statements/atkins-statement-regulation-e-delivery-07-16-26 – SEC Chairman Paul S. Atkins stated, “Today, the Commission took an important step toward allowing the financial services industry to harness technology for the benefit of everyday American investors. By proposing to permit electronic delivery (e-delivery) to become the default method for issuers, market intermediaries, and others to communicate with investors, we are taking another stride toward a regulatory framework suitable for the modern era, a key pillar of my agenda.”
- https://www.sec.gov/rules-regulations/2026/07/s7-2026-25 – The Securities and Exchange Commission (the “SEC” or the “Commission”) is proposing Regulation E-Delivery. The proposed rule sets forth conditions for covered entities to deliver covered information to covered recipients electronically without first obtaining their affirmative consent. The proposed rule further establishes conditions under which the Commission would consider delivery requirements under the Federal securities laws to be satisfied by electronic delivery. The Commission also is proposing to rescind the rule providing alternative means for registered investment companies to satisfy shareholder report transmission requirements, and to amend rules addressing the dissemination of proxy materials and tender offer materials.
- https://www.sec.gov/newsroom/speeches-statements/peirce-paper-taper-statement-proposed-regulation-e-delivery-071626 – Commissioner Hester M. Peirce stated, “Today, in a long-awaited move, the Commission proposed Regulation E-Delivery to make electronic delivery the default under the securities laws for issuers, investment advisers, investment companies, and broker-dealers. This rulemaking focuses on the default delivery method; not the content of disclosure or its format. I am happy to support what I expect will be the first step in rethinking, modernizing, and improving disclosure of information to investors.”
- https://www.sec.gov/newsroom/speeches-statements/uyeda-statement-proposed-regulation-e-delivery-071626 – Commissioner Mark T. Uyeda stated, “The Commission spends considerable time thinking about the “what” of disclosure by focusing on the substance of required disclosures. These disclosures, whether in the form of a prospectus, an account statement, a description of services provided, or an annual report—to name just a few—form the bedrock of investor protection. Our system relies principally on individuals to look after their own interests by acting, or refraining from acting, based on that information. The logical next question then is “how” that information is delivered to investors.”
- https://dart.deloitte.com/USDART/home/news/all-news/2026/jul/sec-proposed-rule-electronic-delivery-regulatory-information – The SEC has released a proposed rule that “would expand the ability of issuers, broker-dealers, investment advisers, and others to use electronic delivery to satisfy information delivery requirements under the federal securities laws.” Also known as “Regulation E-Delivery,” the proposal would change the Commission’s default approach for delivering information to investors and other constituents from a paper format to an electronic format. Recipients would still be able to request receipt of the information in a paper format instead.
Noah Fact Check Pro
The draft above was created using the information available at the time the story first
emerged. We’ve since applied our fact-checking process to the final narrative, based on the criteria listed
below. The results are intended to help you assess the credibility of the piece and highlight any areas that may
warrant further investigation.
Freshness check
Score:
10
Notes:
The article reports on the SEC’s proposal dated 16 July 2026, which is the earliest known publication date for this information. No earlier versions with differing figures, dates, or quotes were found. The content appears original and not recycled from other sources. The article is based on a press release from the SEC, which is a primary source and typically warrants a high freshness score. No discrepancies or outdated material were identified.
Quotes check
Score:
10
Notes:
The article includes direct quotes from SEC Chair Paul Atkins, Commissioner Hester Peirce, and Commissioner Mark Uyeda. These quotes are consistent with those found in the SEC’s official press release and statements dated 16 July 2026. No variations or discrepancies in wording were found, and all quotes can be independently verified through the SEC’s official communications.
Source reliability
Score:
10
Notes:
The article originates from JD Supra, a platform that republishes content from law firms and other professional services firms. While JD Supra itself is not a primary news organisation, the content is sourced from reputable law firms, which are considered reliable within their field. The article does not appear to be summarising, rewriting, or aggregating content from another publication, and there is no indication of a paywalled source being involved.
Plausibility check
Score:
10
Notes:
The claims made in the article align with the SEC’s official proposal and statements dated 16 July 2026. The information is consistent with other reputable sources covering the same topic, such as Reuters and the SEC’s own website. The language and tone are appropriate for the subject matter, and there are no signs of excessive or off-topic detail. The article does not exhibit unusual drama or vagueness, and the structure is coherent and relevant.
Overall assessment
Verdict (FAIL, OPEN, PASS): PASS
Confidence (LOW, MEDIUM, HIGH): HIGH
Summary:
The article meets all verification standards with high confidence. It is based on the SEC’s official proposal and statements dated 16 July 2026, includes direct quotes from SEC officials that are consistent with other reputable sources, and originates from a reliable source. There are no significant concerns regarding freshness, originality, source reliability, or verification independence. The content is factual, well-structured, and free from signs of bias or inaccuracy.