H.R. 2441 — what changed
Improving Disclosure for Investors Act of 2025
From Introduced in House to Reported in House. 1 section amended between Introduced in House and Reported in House.
Sec. 2 Electronic delivery
changed
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 this section, the Commission shall finalize, finalize rules, regulations, 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.
Required provisions— Rules, regulations, amendments, or interpretations the Commission promulgates pursuant to subsection (a) shall:
With respect to investors that do not receive all regulatory documents by electronic delivery, provide for—
delivery of an initial communication in paper form regarding electronic delivery;
a transition period not to exceed 180 days until such regulatory documents are delivered to such investors by electronic delivery; and
during a period not to exceed 2 years following the transition period set forth in subparagraph (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 regulatory documents.
Set forth requirements for the content of the initial communication described in paragraph (1)(A).
changed
Set forth requirements for the timing of delivery of a notice of website availability of regulatory documents and the content of the appropriate notice described in subsection (f)(3)(B).(g)(3)(B).
Provide a mechanism for investors to opt out of electronic delivery at any time and receive paper versions of regulatory documents.
Require measures reasonably designed to identify and remediate failed electronic deliveries of regulatory documents.
Set forth minimum requirements regarding readability and retainability for regulatory documents that are delivered electronically.
For covered entities other than brokers, dealers, investment advisers registered with the Commission, and investment companies, require measures reasonably designed to ensure the confidentiality of personal information in regulatory documents that are delivered to investors electronically.
added
Exemption from certain requirements— Section 101(c) of the Electronic Signatures in Global and National Commerce Act (15 U.S.C. 7001(c)) shall not apply with respect to a regulatory document delivered in accordance with this section.
renumbered
was (4)
Rule of construction— Nothing in this section 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.
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was (5)
Treatment of revisions not completed in a timely manner— If the Commission fails to finalize the rules, regulations, amendments, or interpretations required under subsection (a) before the date specified in such subsection—
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was (5)(3)
a covered entity may deliver regulatory documents using electronic delivery in accordance with subsections (b) and (c); and
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was (5)(4)
such electronic delivery shall be deemed to satisfy the obligation of the covered entity to deliver regulatory documents required under the securities laws.
added
Other required actions—
removed
Other required actions—
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was (6)(2)
Review of rules— The Commission shall—
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was (6)(2)(3)
within 180 days of the date of enactment 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
renumbered
was (6)(2)(4)
within 1 year of the date of enactment of this Act, promulgate amendments to such rules or regulations to provide that any requirement to deliver a regulatory document “in writing” may be satisfied by electronic delivery.
renumbered
was (6)(3)
Actions by self-regulatory organizations— Each self-regulatory organization shall adopt rules and regulations, or amend the rules and regulations of the self-regulatory organization, consistent with this Act and consistent with rules, regulations, amendments, or interpretations finalized by the Commission pursuant to subsection (a).
added
Rule of application— This subsection shall not apply to a rule or regulation issued pursuant to a Federal statute if that Federal statute specifically requires delivery of paper documents to investors.
removed
Rule of application— This subsection shall not apply to a rule or regulation issued pursuant to a Federal statute if that Federal statute specifically requires delivery of written documents to investors.
renumbered
was (7)
Definitions— In this section:
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was (7)(3)
Commission— The term Commission means the Securities and Exchange Commission.
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was (7)(4)
Covered entity— The term covered entity means—
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was (7)(4)(3)
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 registered under such Act;
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was (7)(4)(4)
a business development company (as defined in section 2(a) of the Investment Company Act of 1940 (15 U.S.C. 80a–2(a))) that has elected to be regulated as such under such Act;
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was (7)(4)(5)
a registered broker or dealer (as such terms are defined, respectively, in paragraphs (4) and (5) of section 3(a) of the Securities Exchange Act of 1934 (15 U.S.C. 78c(a)));
renumbered
was (7)(4)(6)
a registered municipal securities dealer (as defined in section 3(a)(30) of the Securities Exchange Act of 1934 (15 U.S.C. 78c(a)(30)));
renumbered
was (7)(4)(7)
a registered government securities broker or government securities dealer (as such terms are defined, respectively, in paragraphs (43) and (44) of section 3(a) of the Securities Exchange Act of 1934 (15 U.S.C. 78c(a)));
renumbered
was (7)(4)(8)
a registered investment adviser (as defined in section 202(a)(11) of the Investment Advisers Act of 1940 (15 U.S.C. 80b-1(a)(11)));
renumbered
was (7)(4)(9)
a registered transfer agent (as defined in section 3(a)(25) of the Securities Exchange Act of 1934 (15 U.S.C. 78c(a)(25))); or
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was (7)(4)(10)
a registered funding portal (as defined in the second paragraph (80) of section 3(a) of the Securities Exchange Act of 1934 (15 U.S.C. 78c(a))).
renumbered
was (7)(5)
Electronic delivery— The term electronic delivery, with respect to regulatory documents, includes—
renumbered
was (7)(5)(3)
the direct delivery of such regulatory document to an electronic address of an investor;
added
the posting of such regulatory document to a website, and direct delivery of an appropriate notice of the availability of the regulatory document to an electronic address of the investor; or
added
any other electronic method reasonably designed to ensure receipt of such regulatory document by the investor.
removed
the posting of such regulatory document to a website and direct electronic delivery of an appropriate notice of the availability of the regulatory document to the investor; and
removed
an electronic method reasonably designed to ensure receipt of such regulatory document by the investor.
renumbered
was (7)(6)
Regulatory documents— The term regulatory documents includes—
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was (7)(6)(3)
prospectuses meeting the requirements of section 10(a) of the Securities Act of 1933 (15 U.S.C. 77j(a));
renumbered
was (7)(6)(4)
summary prospectuses meeting the requirements of—
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was (7)(6)(4)(2)
section 230.498 of title 17, Code of Federal Regulations; or
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was (7)(6)(4)(3)
section 230.498A of title 17, Code of Federal Regulations;
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was (7)(6)(5)
statements of additional information, as described under section 270.30e–3(h)(2) of title 17, Code of Federal Regulations;
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was (7)(6)(6)
annual and semi-annual reports to investors meeting the requirements of section 30(e) of the Investment Company Act of 1940 (15 U.S.C. 80a–29(e));
renumbered
was (7)(6)(7)
notices meeting the requirements under section 270.19a–1 of title 17, Code of Federal Regulations;
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was (7)(6)(8)
confirmations and account statements meeting the requirements under section 240.10b of title 17, Code of Federal Regulations;
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was (7)(6)(9)
proxy statements meeting the requirements under section 240.14a–3 of title 17, Code of Federal Regulations;
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was (7)(6)(10)
privacy notices meeting the requirements of Regulation S–P under subpart A of part 248 of title 17, Code of Federal Regulations;
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was (7)(6)(11)
affiliate marketing notices meeting the requirements of Regulation S–AM under subpart B of part 248 of title 17, Code of Federal Regulations; and
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was (7)(6)(12)
all other regulatory documents required to be delivered by covered entities to investors under the securities laws and the rules and regulations of the Commission and the self-regulatory organizations.
renumbered
was (7)(7)
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)).
renumbered
was (7)(8)
Self-regulatory organization— The term self-regulatory organization means—
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was (7)(8)(3)
a self-regulatory organization, as defined in section 3(a)(26) of the Securities Exchange Act of 1934 (15 U.S.C. 78c(a)(26)); and
renumbered
was (7)(8)(4)
the Municipal Securities Rulemaking Board.
added
Website— The term website means an internet website or other digital, internet, or electronic-based information repository, including a mobile application.
removed
Website— The term website means an internet website or other digital, internet, or electronic-based information repository, such as a mobile application, to which an investor of a covered entity has been provided reasonable access.