,,ii  #aaith ,,congress  #ast ,session  
,s4 #ahgg  ,,in ,,the ,,senate ,,of     
,,the ,,united ,,states  ,may #bb1      
#bjbe,mr4 ,tillis 7for himself1 ,mr4    
,hickenlooper1 ,mrs4 ,shaheen1 ,mr4     
,rounds1 ,mr4 ,peters1 ,mr4 ,budd1 and  
,mrs4 ,britt7 introduced the following  
bill2 which was read twice and referred 
to the ,committee on ,banking1 ,housing1
 and ,urban ,affairs  ,a ,,bill  ,to    
direct the ,securities and ,exchange    
,commission to promulgate rules with    
respect to the electronic delivery of   
certain required disclosures1 and for   
other purposes4  #a4 ,short title ,this 
,act may be cited as the ,improving     
,disclosure for ,investors ,act of      
#bjbe4  #b4 ,definitions ,in this ,act3 
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 company1 as defined in       
section #c7;a77#a7 of the ,investment   
,company ,act of #aidj 7#ae ,u4,s4,c4   

#hj;a-#c7;a77#a771 that is registered   
under such ,act2  7,b7 a business       
development company1 as defined in      
section #b7;a7 the ,investment ,company 
,act of #aidj 7#ae ,u4,s4,c4            
#hj;a-#b7;a772  7,c7 a registered broker
 or dealer1 as those terms are defined  
in section #c7;a7 of the ,securities    
,exchange ,act of #aicd 7#ae ,u4,s4,c4  
#gh;c7a772  7,d7 a registered municipal 
securities dealer1 as defined in section
 #c7;a7 of the ,securities ,exchange    
,act of #aicd 7#ae ,u4,s4,c4 #gh;c7a772 
7,e7 a registered government securities 
broker or government securities dealer1 
as defined in section #c7;a7 of the     
,securities ,exchange ,act of #aicd 7#ae
 ,u4,s4,c4 #gh;c7a772  7,f7 a registered
 investment adviser1 as defined in      
section #bjb7;a7 of the ,investment     
,advisers ,act of #aidj 7#ae ,u4,s4,c4  
#hj;b-#a7;a772  7,g7 a registered       
transfer agent1 as defined in section   
#c7;a7 of the ,securities ,exchange ,act
 of #aicd 7#ae ,u4,s4,c4 #gh;c7a772 or  

7,h7 a registered funding portal1 as    
defined in section #c7;a7 of the        
,securities ,exchange ,act of #aicd7    
7#ae ,u4,s4,c4 #gh;c7a774  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 website and    
direct electronic delivery of an        
appropriate notice of the availability  
of the regulatory document to the       
investor2 and  7,c7 an 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 section     
#bcj4dih or #bcj4dih;,a of title #ag1   

,code of ,federal ,regulations2  7,c7   
,statements of ,additional ,information1
 as defined in section #bgj4cj;e-#c7;h7 
of title #ag1 ,code of ,federal         
,regulations2  7,d7 annual and          
semiannual 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 of     
section #bgj4ai;a-#a of title #ag1 ,code
 of ,federal ,regulations2  7,f7        
confirmations and account statements    
meeting the requirements of section     
#bdj4aj;b-#aj of title #ag1 ,code of    
,federal ,regulations2  7,g7 proxy      
statements meeting the requirements of  
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 a self-regulatory    
organization1 as defined in section     
#c7;a7 of the ,securities ,exchange ,act
 of #aicd 7#ae ,u4,s4,c4 #gh;c7a774     
7#g7 ,website ,the term website means an
 internet website or other digital1     
internet1 or electronic-based           
information repository1 such as a mobile
 application1 to which an investor of a 
covered entity has been provided        
reasonable access4  #c4 ,electronic     

delivery  7a7 ,promulgation of rules    
,not later than #ahj days after the date
 of the enactment of this section1 the  
,commission shall propose and1 not later
 than #a year after the date of the     
enactment of this section1 the          
,commission shall finalize1 rules1      
regulations1 amendments1 or             
interpretations1 as appropriate1 to     
allow a covered entity to satisfy the   
obligation of the entity 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 shall-- 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    
documents2  7#b7 set forth requirements 
for the content of the initial          
communication described in paragraph    
7#a77;,a72  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 section 
#b7c77;,b72  7#d7 provide a mechanism   
for investors to opt out of electronic  
delivery at any time and receive paper  
versions of regulatory documents2  7#e7 
require measures reasonably designed to 
identify and remediate failed electronic
 deliveries of regulatory documents2    
7#f7 set forth minimum requirements     

regarding readability and retainability 
for regulatory documents that are       
delivered electronically2 and  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          
,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 subsection 7b72 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  7d7

 ,other required actions  7#a7 ,review  
of rules ,the ,commission shall-- 7,a7  
not later than #ahj days after 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 not later than #a  
year after 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 ,applicability ,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 investors4  7e7 ,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  7f7 ,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