The Securities and Exchange Commission proposed Regulation E-Delivery on July 16, 2026, marking a significant shift in how investment advisers may fulfil their disclosure obligations.
The proposal would allow investment advisers to deliver required regulatory information electronically without first obtaining a recipient’s affirmative consent to do so.
Under current rules, regulatory information is delivered in paper form by default unless the recipient actively elects to receive communications electronically.
The new proposal would replace the SEC’s long-standing guidance with a formal rule establishing clear conditions under which electronic delivery is permitted.
The proposal defines “covered information” as information a registered investment adviser is required to deliver under federal securities laws, including Form ADV Part 2 Brochures, marketing and testimonial disclosures, agency cross transaction disclosures, and custody rule account statement notices.
Covered entities are those with delivery obligations, including investment advisers, while covered recipients include current and prospective clients who receive that information.
For electronic delivery to be used, three conditions must be satisfied: the recipient has provided an electronic address, the entity has given prominent notice that information will be sent there, and the recipient has not opted out.
Electronic addresses under the proposal include email addresses, phone numbers, or other means of electronic communication capable of receiving the relevant material.
Two permissible methods of electronic delivery are outlined in the proposal, depending on whether the information in question includes personal financial information.
For covered information that does not include personal financial information, an investment adviser may deliver that information directly to the recipient’s electronic address.
Where personal financial information is involved, advisers would instead be required to send a statement of availability, such as an email containing a link to a secure website where the information can be accessed.
Investment advisers seeking to transition existing paper recipients to default electronic delivery must send an initial paper notice at least 180 days before the transition date, followed by a follow-up notice 30 days before that date.
Those notices must specify the electronic address where covered information will be provided and clearly explain the recipient’s right to opt out of electronic delivery.
The proposal remains subject to public comment and may change before any formal adoption, meaning advisers should begin assessing how the changes could affect their existing delivery processes.