,,ib ,union ,cal5d> ,no4 #aje #aai?     
,,congress  #a/ ,session  ,h4 ,r4 #bdda 
,report ,no4 #aai-acf ,,9 ,,! ,,h\se ,,(
 ,,repres5tatives  ,m>* #bg1 #bjbe,mr4  
,huiz5ga 7= himself1 ,mr4 ,%]man1 ,mr4  
,/eil1 & ,mr4 ,au*9closs7 introduc$ !   
foll[+ bill2 :i* 0 ref]r$ to !          
,committee on ,f9ancial ,s]vices  ,june 
#d1 #bjbe;,additional sponsors3 ,ms4    
,pett]s51 ,mrs4 ,wagn]1 ,mrs4 ,mc,clain1
 & ,mr4 ,v9dman  ,june #d1 #bjbe,report$
 ) an am5dm5t1 committ$ to ! ,committee 
( ! ,:ole ,h\se on ! ,/ate ( ! ,union1 &
 ord]$ to be printed,strike out all aft]
 ! enact+ clause & ins]t ! "p pr9t$ 9   
italic,for text ( introduc$ bill1 see   
copy ( bill z introduc$ on ,m>* #bg1    
#bjbe  ,a ,,bill  ,to provide = !       
electronic deliv]y ( c]ta9 regulatory   
docum5t requir$ "u ! securities laws4   
#a4 ,%ort title ,?is ,act may be cit$ z 
! ,improv+ ,disclosure = ,inve/ors ,act 
( #bjbe4  #b4 ,electronic deliv]y  7a7  
,promulgation ( rules ,n lat] ?an #ahj  
days aft] ! date ( ! enactm5t ( ?is     

section1 ! ,securities & ,ex*ange       
,commission %all propose &1 n lat] ?an  
#a ye> aft] ! date ( ! enactm5t ( ?is   
section1 ! ,commission %all f9alize     
rules1 regulations1 am5dm5ts1 or        
int]pretations1 z appropriate1 to all[ a
 cov]$ entity to satisfy ! entity's     
obligation to deliv] regulatory docum5ts
 requir$ "u ! securities laws to        
inve/ors us+ electronic deliv]y4  7b7   
,requir$ provisions ,rules1 regulations1
 am5dm5ts1 or int]pretations !          
,commission promulgates pursuant to     
subsection 7a7 %all3 7#a7 ,) respect to 
inve/ors t d n receive all regulatory   
docum5ts by electronic deliv]y1 provide 
=-- 7,a7 deliv]y ( an initial           
communication 9 pap] =m reg>d+          
electronic deliv]y2  7,b7 a transition  
p]iod n to exce$ #ahj days until su*    
regulatory docum5ts are deliv]$ to su*  
inve/ors by electronic deliv]y2 &  7,c7 
dur+ a p]iod n to exce$ #b ye>s foll[+ !
 transition p]iod set =? 9 subp>agraph  
7,b71 deliv]y ( an annual notice 9 pap] 

=m solely rem9d+ su* inve/ors ( !       
ability to opt out ( electronic deliv]y 
at any "t & receive pap] v]sions (      
regulatory docum5ts4  7#b7 ,set =?      
requirem5ts = ! cont5t ( ! initial      
communication describ$ 9 p>agraph       
7#a77;,a74  7#c7 ,set =? requirem5ts = !
 tim+ ( deliv]y ( a notice ( website    
availability ( regulatory docum5ts & !  
cont5t ( ! appropriate notice describ$ 9
 subsection 7g77#c77;,b74  7#d7 ,provide
 a me*anism = inve/ors to opt out (     
electronic deliv]y at any "t & receive  
pap] v]sions ( regulatory docum5ts4     
7#e7 ,require measures reasonably       
design$ to id5tify & rem$iate fail$     
electronic deliv]ies ( regulatory       
docum5ts4  7#f7 ,set =? m9imum          
requirem5ts reg>d+ readability &        
reta9ability = regulatory docum5ts t are
 deliv]$ electronically4  7#g7 ,= cov]$ 
entities o!r ?an brok]s1 deal]s1        
inve/m5t advis]s regi/]$ ) !            
,commission1 & inve/m5t companies1      
require measures reasonably design$ to  

ensure ! confid5tiality ( p]sonal       
in=mation 9 regulatory docum5ts t are   
deliv]$ to inve/ors electronically4  7c7
 ,exemption f c]ta9 requirem5ts ,section
 #aja7;c7 ( ! ,electronic ,signatures 9 
,global & ,national ,comm]ce ,act 7#ae  
,u4,s4,c4 #gjja7;c77 %all n apply )     
respect to a regulatory docum5t deliv]$ 
9 accordance ) ?is section4  7d7 ,rule (
 con/ruction ,no?+ 9 ?is section %all be
 con/ru$ z alt]+ ! sub/ance or tim+ (   
any regulatory docum5t obligation "u !  
securities laws or regulations ( a      
self-regulatory organization4  7e7      
,treatm5t ( revisions n complet$ 9 a    
timely mann] ,if ! ,commission fails to 
f9alize ! rules1 regulations1 am5dm5ts1 
or int]pretations requir$ "u subsection 
7a7 be=e ! date specifi$ 9 su*          
subsection-- 7#a7 a cov]$ entity may    
deliv] regulatory docum5ts us+          
electronic deliv]y 9 accordance )       
subsections 7b7 & 7c72 &  7#b7 su*      
electronic deliv]y %all be deem$ to     
satisfy ! obligation ( ! cov]$ entity to

 deliv] regulatory docum5ts requir$ "u !
 securities laws4  7f7 ,o!r requir$     
actions  7#a7 ,review ( rules ,!        
,commission %all-- 7,a7 )9 #ahj days ( !
 date ( enactm5t ( ?is ,act1 conduct a  
review ( ! rules & regulations ( !      
,commission to det]m9e :e!r any su*     
rules or regulations require deliv]y (  
writt5 docum5ts to inve/ors2 &  7,b7 )9 
#a ye> ( ! date ( enactm5t ( ?is ,act1  
promulgate am5dm5ts to su* rules or     
regulations to provide t any requirem5t 
to deliv] a regulatory docum5t 9 writ+  
may be satisfi$ by electronic deliv]y4  
7#b7 ,actions by self-regulatory        
organizations ,ea* self-regulatory      
organization %all adopt rules &         
regulations1 or am5d ! rules &          
regulations ( ! self-regulatory         
organization1 consi/5t ) ?is ,act &     
consi/5t ) rules1 regulations1 am5dm5ts1
 or int]pretations f9aliz$ by !         
,commission pursuant to subsection 7a74 
7#c7 ,rule ( application ,?is subsection
 %all n apply to a rule or regulation   

issu$ pursuant to a ,f$]al /atute if t  
,f$]al /atute specifically requires     
deliv]y ( pap] docum5ts to inve/ors4    
7g7 ,def9itions ,9 ?is section3 7#a7    
,commission ,! t]m ,commission means !  
,securities & ,ex*ange ,commission4     
7#b7 ,cov]$ entity ,! t]m cov]$ entity  
means-- 7,a7 an inve/m5t company 7z     
def9$ 9 section #c7;a77#a7 ( ! ,inve/m5t
 ,company ,act ( #aidj 7#ae ,u4,s4,c4   
#hj;a-#c7;a77#a777 t is regi/]$ "u su*  
,act2  7,b7 a bus9ess developm5t company
 7z def9$ 9 section #b7;a7 ( ! ,inve/m5t
 ,company ,act ( #aidj 7#ae ,u4,s4,c4   
#hj;a-#b7;a777 t has elect$ to be       
regulat$ z su* "u su* ,act2  7,c7 a     
regi/]$ brok] or deal] 7z su* t]ms are  
def9$1 respectively1 9 p>agraphs 7#d7 & 
7#e7 ( section #c7;a7 ( ! ,securities   
,ex*ange ,act ( #aicd 7#ae ,u4,s4,c4    
#gh;c7a7772  7,d7 a regi/]$ municipal   
securities deal] 7z def9$ 9 section     
#c7;a77#cj7 ( ! ,securities ,ex*ange    
,act ( #aicd 7#ae ,u4,s4,c4             
#gh;c7a77#cj7772  7,e7 a regi/]$        

gov]nm5t securities brok] or gov]nm5t   
securities deal] 7z su* t]ms are def9$1 
respectively1 9 p>agraphs 7#dc7 & 7#dd7 
( section #c7;a7 ( ! ,securities        
,ex*ange ,act ( #aicd 7#ae ,u4,s4,c4    
#gh;c7a7772  7,f7 a regi/]$ inve/m5t    
advis] 7z def9$ 9 section #bjb7;a77#aa7 
( ! ,inve/m5t ,advis]s ,act ( #aidj 7#ae
 ,u4,s4,c4 #hj;b-#a7;a77#aa7772  7,g7 a 
regi/]$ transf] ag5t 7z def9$ 9 section 
#c7;a77#be7 ( ! ,securities ,ex*ange    
,act ( #aicd 7#ae ,u4,s4,c4             
#gh;c7a77#be7772 or  7,h7 a regi/]$     
fund+ portal 7z def9$ 9 ! second        
p>agraph 7#hj7 ( section #c7;a7 ( !     
,securities ,ex*ange ,act ( #aicd 7#ae  
,u4,s4,c4 #gh;c7a7774  7#c7 ,electronic 
deliv]y ,! t]m electronic deliv]y1 )    
respect to regulatory docum5ts1         
includes-- 7,a7 ! direct deliv]y ( su*  
regulatory docum5t to an electronic     
address ( an inve/or2  7,b7 ! po/+ ( su*
 regulatory docum5t to a website1 &     
direct deliv]y ( an appropriate notice (
 ! availability ( ! regulatory docum5t  

to an electronic address ( ! inve/or2 or
  7,c7 any o!r electronic me?od         
reasonably design$ to ensure receipt (  
su* regulatory docum5t by ! inve/or4    
7#d7 ,regulatory docum5ts ,! t]m        
regulatory docum5ts includes-- 7,a7     
prospectuses meet+ ! requirem5ts (      
section #aj7;a7 ( ! ,securities ,act (  
#aicc 7#ae ,u4,s4,c4 #gg;j7a772  7,b7   
summ>y prospectuses meet+ ! requirem5ts 
(-- 7i7 section #bcj4dih ( title #ag1   
,code ( ,f$]al ,regulations2 or  7ii7   
section #bcj4dih;,a ( title #ag1 ,code (
 ,f$]al ,regulations2  7,c7 /atem5ts (  
additional in=mation1 z describ$ "u     
section #bgj4cj;e-#c7;h77#b7 ( title    
#ag1 ,code ( ,f$]al ,regulations2  7,d7 
annual & semi-annual reports to inve/ors
 meet+ ! requirem5ts ( section #cj7;e7 (
 ! ,inve/m5t ,company ,act ( #aidj 7#ae 
,u4,s4,c4 #hj;a-#bi7;e772  7,e7 notices 
meet+ ! requirem5ts "u section          
#bgj4ai;a-#a ( title #ag1 ,code ( ,f$]al
 ,regulations2  7,f7 confirmations &    
acc\nt /atem5ts meet+ ! requirem5ts "u  

section #bdj4aj;b ( title #ag1 ,code (  
,f$]al ,regulations2  7,g7 proxy        
/atem5ts meet+ ! requirem5ts "u section 
#bdj4ad;a-#c ( title #ag1 ,code ( ,f$]al
 ,regulations2  7,h7 privacy notices    
meet+ ! requirem5ts ( ,regulation ,s-,p 
"u subp>t ,a ( "p #bdh ( title #ag1     
,code ( ,f$]al ,regulations2  7,i7      
affiliate m>ket+ notices meet+ !        
requirem5ts ( ,regulation ,s-,,am "u    
subp>t ,b ( "p #bdh ( title #ag1 ,code (
 ,f$]al ,regulations2 &  7,j7 all o!r   
regulatory docum5ts requir$ to be       
deliv]$ by cov]$ entities to inve/ors "u
 ! securities laws & ! rules &          
regulations ( ! ,commission & !         
self-regulatory organizations4  7#e7    
,securities laws ,! t]m securities laws 
has ! mean+ giv5 ! t]m 9 section #c7;a7 
( ! ,securities ,ex*ange ,act ( #aicd   
7#ae ,u4,s4,c4 #gh;c7a774  7#f7         
,self-regulatory organization ,! t]m    
self-regulatory organization means--    
7,a7 a self-regulatory organization1 z  
def9$ 9 section #c7;a77#bf7 ( !         

,securities ,ex*ange ,act ( #aicd 7#ae  
,u4,s4,c4 #gh;c7a77#bf772 &  7,b7 !     
,municipal ,securities ,rulemak+ ,bo>d4 
7#g7 ,website ,! t]m website means an   
int]net website or o!r digital1 int]net1
 or electronic-bas$ in=mation           
repository1 includ+ a mobile            
application4  ,june #d1 #bjbe,report$ ) 
an am5dm5t1 committ$ to ! ,committee ( !
 ,:ole ,h\se on ! ,/ate ( ! ,union1 &   
ord]$ to be pr9t$