The US Securities and Exchange Commission proposed major changes on July 16, 2026, to the rules governing how financial information is delivered electronically to investors.
The proposed rules, collectively referred to as Regulation E-Delivery, would allow covered entities to use electronic delivery as the default method without first obtaining a recipient’s affirmative consent.
If adopted, Regulation E-Delivery would become the primary framework governing electronic delivery under the federal securities laws, superseding longstanding interpretive guidance that has underpinned the existing system.
The proposal stops short of a full “access equals delivery” model, meaning a document posted online would not automatically be deemed received by a recipient without further notice.
Under the current framework, required disclosures and reports are generally delivered in paper form unless a recipient actively elects to receive them electronically, operating as an opt-in system.
The Commission cited the widespread adoption of smartphones, tablets, cloud-based storage, artificial intelligence, blockchain technology, and distributed ledger systems as factors supporting modernisation of the existing electronic delivery rules.
The Commission also noted that financial industry participants have repeatedly requested updates to the electronic delivery framework through comments submitted in rulemaking proceedings and other communications.
Covered entities would be permitted to rely on electronic delivery provided three conditions are met: the recipient has supplied an electronic address, the recipient receives notice that electronic delivery will be used, and the recipient has not opted out.
The proposal defines “electronic address” broadly to include an email address, a mobile phone number, or any other means of electronic communication capable of receiving electronic delivery.
Where covered information contains personal financial information, direct transmission to a recipient’s electronic address would generally not be permitted, requiring instead a “statement of availability” directing recipients to a secure website.
The Commission highlighted the scale of broker-dealer activity, noting that broker-dealers generate “approximately 40.6 billion written trade confirmations per year in the aggregate,” with Rule 10b-10 confirmations potentially requiring prompt action by recipients.
Regulation E-Delivery would rescind Rule 30e-3 under the Investment Company Act, which currently allows certain registered investment companies to satisfy shareholder report delivery requirements via notice and access rather than full paper mailings.
The proposal also includes amendments to Exchange Act Regulations 14A and 14C governing proxy solicitations and information statements, along with amendments to Rule 14d-5 governing tender offer materials.
For recipients currently receiving paper communications, the proposal requires an initial paper notice approximately 180 days before any transition to electronic delivery and a follow-up paper notice approximately 30 days before the transition.
The Commission proposes a two-year interim compliance period beginning on the effective date of any final rule, during which existing guidance would remain operative while covered entities prepare their systems for compliance.
Public comments on the proposal are due 60 days after publication in the Federal Register, and the rules will not become final unless the Commission votes again to adopt them.