On July 16, 2026, the SEC proposed Regulation E-Delivery, a new rule that would expand the ability of issuers, broker-dealers, registered investment advisers, registered investment companies, transfer agents, and others (covered entities) to use electronic delivery to satisfy information delivery requirements under the federal securities laws. If adopted, Regulation E-Delivery would permit, but not require, covered information to be delivered electronically by default without first obtaining the covered recipient’s affirmative consent, provided that (1) the covered recipient has provided an electronic (e-mail) address, (2) the covered entity has provided a prominent disclosure to the covered recipient that the covered entity will send covered information to the e-mail address provided, and (3) the covered recipient has not opted out of e-delivery. The scope of information subject to optional, default e-delivery by covered entities would broadly include any information required to be delivered to a covered recipient under the federal securities laws, including, but not limited to, prospectuses, shareholder reports, proxy statements, Form CRS disclosures and Form ADV Part 2 brochures.
Regulation E-Delivery would prescribe two methods of e-delivery, depending on whether the information delivered included information specific to the recipient’s personal financial matters (i.e., personal financial information, or PFI). Examples of PFI include account numbers and trade confirmations. Information that does not include PFI may be sent directly to the recipient’s e-mail address in the body of the e-mail or as an attachment, or it may be provided in the same manner that is required for information that includes PFI. For information that includes PFI, the covered entity may not provide the information directly to the recipient’s e-mail address, but may deliver a statement of availability to the recipient’s e-mail address that includes a website address from which the information can be accessed securely. Regardless of the e-delivery method used, the e-delivery would also be required to include a prominent statement explaining the process to (1) obtain a paper version of the specific covered information delivered, (2) opt out of e-delivery with respect to all or a subset of any covered information going forward, and (3) update the recipient’s e-mail address, in each case free of charge.
The proposal includes a transition process for recipients who, at the time Regulation E-Delivery becomes effective, are currently receiving covered information in paper format and where the covered entity intends to transition the recipients to default e-delivery. The covered entity would be required to provide two paper notices to the affected recipient, alerting the recipient about the upcoming transition to e-delivery, specifying the e-mail address to which the information will be provided, and providing a prominent statement describing the ability to opt out of e-delivery and receive paper copies at any time, free of charge, and the ability to update or confirm one’s e-mail address. The first paper notice would be required to be delivered at least 180 days before the transition to e-delivery, and the second notice at least 30 days before the transition.
Regulation E-Delivery, if adopted as proposed, would rescind Rule 30e-3 under the Investment Company Act of 1940, which provides closed-end funds the ability to provide shareholder reports electronically when accompanied by a paper notice of the reports’ availability, and 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.
Public comments on the proposed Regulation E-Delivery must be submitted by September 21, 2026.
The SEC’s proposing release is available here, a related press release is available here, and a related fact sheet is available here.
