,,ib ,union ,calendar ,no4 #aje #aaith  
,,congress  #ast ,session  ,h4 ,r4 #bdda
 ,report ,no4 #aai-acf ,,in ,,the       
,,house ,,of ,,representatives  ,march  
#bg1 #bjbe,mr4 ,huizenga 7for himself1  
,mr4 ,sherman1 ,mr4 ,steil1 and ,mr4    
,auchincloss7 introduced the following  
bill2 which was referred to the         
,committee on ,financial ,services      
,june #d1 #bjbe;,additional sponsors3   
,ms4 ,pettersen1 ,mrs4 ,wagner1 ,mrs4   
,mc,clain1 and ,mr4 ,vindman  ,june #d1 
#bjbe,reported with an amendment1       
committed to the ,committee of the      
,whole ,house on the ,state of the      
,union1 and ordered to be printed,strike
 out all after the enacting clause and  
insert the part printed in italic,for   
text of introduced bill1 see copy of    
bill as introduced on ,march #bg1 #bjbe 
,a ,,bill  ,to provide for the          
electronic delivery of certain          
regulatory document required under the  
securities laws4  #a4 ,short title ,this
 ,act may be cited as the ,improving    

,disclosure for ,investors ,act of      
#bjbe4  #b4 ,electronic delivery  7a7   
,promulgation of rules ,not later than  
#ahj days after the date of the         
enactment of this section1 the          
,securities and ,exchange ,commission   
shall propose and1 not later than #a    
year after the date of the enactment of 
this section1 the ,commission shall     
finalize rules1 regulations1 amendments1
 or interpretations1 as appropriate1 to 
allow a covered entity to satisfy the   
entity's obligation to deliver          
regulatory documents required under the 
securities laws to investors using      
electronic delivery4  7b7 ,required     
provisions ,rules1 regulations1         
amendments1 or interpretations the      
,commission promulgates pursuant to     
subsection 7a7 shall3 7#a7 ,with respect
 to investors that do not receive all   
regulatory documents by electronic      
delivery1 provide for-- 7,a7 delivery of
 an initial communication in paper form 
regarding electronic delivery2  7,b7 a  

transition period not to exceed #ahj    
days until such regulatory documents are
 delivered to such investors by         
electronic delivery2 and  7,c7 during a 
period not to exceed #b years following 
the transition period set forth in      
subparagraph 7,b71 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    
documents4  7#b7 ,set forth requirements
 for the content of the initial         
communication described in paragraph    
7#a77;,a74  7#c7 ,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 7g77#c77;,b74  7#d7 ,provide 
a mechanism for investors to opt out of 
electronic delivery at any time and     
receive paper versions of regulatory    
documents4  7#e7 ,require measures      
reasonably designed to identify and     

remediate failed electronic deliveries  
of regulatory documents4  7#f7 ,set     
forth minimum requirements regarding    
readability and retainability for       
regulatory documents that are delivered 
electronically4  7#g7 ,for covered      
entities other than brokers1 dealers1   
investment advisers registered with the 
,commission1 and investment companies1  
require measures reasonably designed to 
ensure the confidentiality of personal  
information in regulatory documents that
 are delivered to investors             
electronically4  7c7 ,exemption from    
certain requirements ,section #aja7;c7  
of the ,electronic ,signatures in       
,global and ,national ,commerce ,act    
7#ae ,u4,s4,c4 #gjja7;c77 shall not     
apply with respect to a regulatory      
document delivered in accordance with   
this section4  7d7 ,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        
organization4  7e7 ,treatment of        
revisions not completed in a timely     
manner ,if the ,commission fails to     
finalize the rules1 regulations1        
amendments1 or interpretations required 
under subsection 7a7 before the date    
specified in such subsection-- 7#a7 a   
covered entity may deliver regulatory   
documents using electronic delivery in  
accordance with subsections 7b7 and 7c72
 and  7#b7 such electronic delivery     
shall be deemed to satisfy the          
obligation of the covered entity to     
deliver regulatory documents required   
under the securities laws4  7f7 ,other  
required actions  7#a7 ,review of rules 
,the ,commission shall-- 7,a7 within    
#ahj days of the date of enactment of   
this ,act1 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 investors2 and  7,b7 within
 #a year of the date of enactment of    

this ,act1 promulgate amendments to such
 rules or regulations to provide that   
any requirement to deliver a regulatory 
document in writing may be satisfied by 
electronic delivery4  7#b7 ,actions by  
self-regulatory organizations ,each     
self-regulatory organization shall adopt
 rules and regulations1 or amend the    
rules and regulations of the            
self-regulatory organization1 consistent
 with this ,act and consistent with     
rules1 regulations1 amendments1 or      
interpretations finalized by the        
,commission pursuant to subsection 7a74 
7#c7 ,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 investors4  7g7            
,definitions ,in this section3 7#a7     
,commission ,the term ,commission means 
the ,securities and ,exchange           
,commission4  7#b7 ,covered entity ,the 
term covered entity means-- 7,a7 an     

investment company 7as defined in       
section #c7;a77#a7 of the ,investment   
,company ,act of #aidj 7#ae ,u4,s4,c4   
#hj;a-#c7;a77#a777 that is registered   
under such ,act2  7,b7 a business       
development company 7as defined in      
section #b7;a7 of the ,investment       
,company ,act of #aidj 7#ae ,u4,s4,c4   
#hj;a-#b7;a777 that has elected to be   
regulated as such under such ,act2  7,c7
 a registered broker or dealer 7as such 
terms are defined1 respectively1 in     
paragraphs 7#d7 and 7#e7 of section     
#c7;a7 of the ,securities ,exchange ,act
 of #aicd 7#ae ,u4,s4,c4 #gh;c7a7772    
7,d7 a registered municipal securities  
dealer 7as defined in section           
#c7;a77#cj7 of the ,securities ,exchange
 ,act of #aicd 7#ae ,u4,s4,c4           
#gh;c7a77#cj7772  7,e7 a registered     
government securities broker or         
government securities dealer 7as such   
terms are defined1 respectively1 in     
paragraphs 7#dc7 and 7#dd7 of section   
#c7;a7 of the ,securities ,exchange ,act

 of #aicd 7#ae ,u4,s4,c4 #gh;c7a7772    
7,f7 a registered investment adviser 7as
 defined in section #bjb7;a77#aa7 of the
 ,investment ,advisers ,act of #aidj    
7#ae ,u4,s4,c4 #hj;b-#a7;a77#aa7772     
7,g7 a registered transfer agent 7as    
defined in section #c7;a77#be7 of the   
,securities ,exchange ,act of #aicd 7#ae
 ,u4,s4,c4 #gh;c7a77#be7772 or  7,h7 a  
registered funding portal 7as defined in
 the second paragraph 7#hj7 of section  
#c7;a7 of the ,securities ,exchange ,act
 of #aicd 7#ae ,u4,s4,c4 #gh;c7a7774    
7#c7 ,electronic delivery ,the term     
electronic delivery1 with respect to    
regulatory documents1 includes-- 7,a7   
the direct delivery of such regulatory  
document to an electronic address of an 
investor2  7,b7 the posting of such     
regulatory document to a website1 and   
direct delivery of an appropriate notice
 of the availability of the regulatory  
document to an electronic address of the
 investor2 or  7,c7 any other electronic
 method reasonably designed to ensure   

receipt of such regulatory document by  
the investor4  7#d7 ,regulatory         
documents ,the term regulatory documents
 includes-- 7,a7 prospectuses meeting   
the requirements of section #aj7;a7 of  
the ,securities ,act of #aicc 7#ae      
,u4,s4,c4 #gg;j7a772  7,b7 summary      
prospectuses meeting the requirements   
of-- 7i7 section #bcj4dih of title #ag1 
,code of ,federal ,regulations2 or  7ii7
 section #bcj4dih;,a of title #ag1 ,code
 of ,federal ,regulations2  7,c7        
statements of additional information1 as
 described under section                
#bgj4cj;e-#c7;h77#b7 of title #ag1 ,code
 of ,federal ,regulations2  7,d7 annual 
and semi-annual reports to investors    
meeting the requirements of section     
#cj7;e7 of the ,investment ,company ,act
 of #aidj 7#ae ,u4,s4,c4 #hj;a-#bi7;e772
  7,e7 notices meeting the requirements 
under section #bgj4ai;a-#a of title #ag1
 ,code of ,federal ,regulations2  7,f7  
confirmations and account statements    
meeting the requirements under section  

#bdj4aj;b of title #ag1 ,code of        
,federal ,regulations2  7,g7 proxy      
statements meeting the requirements     
under section #bdj4ad;a-#c of title #ag1
 ,code of ,federal ,regulations2  7,h7  
privacy notices meeting the requirements
 of ,regulation ,s-,p under subpart ,a  
of part #bdh of title #ag1 ,code of     
,federal ,regulations2  7,i7 affiliate  
marketing notices meeting the           
requirements of ,regulation ,s-,,am     
under subpart ,b of part #bdh of title  
#ag1 ,code of ,federal ,regulations2 and
  7,j7 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 organizations4  7#e7    
,securities laws ,the term securities   
laws has the meaning given the term in  
section #c7;a7 of the ,securities       
,exchange ,act of #aicd 7#ae ,u4,s4,c4  
#gh;c7a774  7#f7 ,self-regulatory       
organization ,the term self-regulatory  

organization means-- 7,a7 a             
self-regulatory organization1 as defined
 in section #c7;a77#bf7 of the          
,securities ,exchange ,act of #aicd 7#ae
 ,u4,s4,c4 #gh;c7a77#bf772 and  7,b7 the
 ,municipal ,securities ,rulemaking     
,board4  7#g7 ,website ,the term website
 means an internet website or other     
digital1 internet1 or electronic-based  
information repository1 including a     
mobile application4  ,june #d1          
#bjbe,reported with an amendment1       
committed to the ,committee of the      
,whole ,house on the ,state of the      
,union1 and ordered to be printed