,,ii  #aai? ,,congress  #a/ ,session    
,s4 #ahgg  ,,9 ,,! ,,s5ate ,,( ,,!      
,,unit$ ,,/ates  ,may #bb1 #bjbe,mr4    
,tillis 7= himself1 ,mr4 ,hick5loop]1   
,mrs4 ,%ahe51 ,mr4 ,r\nds1 ,mr4 ,pet]s1 
,mr4 ,budd1 & ,mrs4 ,britt7 introduc$ ! 
foll[+ bill2 :i* 0 read twice & ref]r$  
to ! ,committee on ,bank+1 ,h\s+1 &     
,urban ,affairs  ,a ,,bill  ,to direct !
 ,securities & ,ex*ange ,commission to  
promulgate rules ) respect to !         
electronic deliv]y ( c]ta9 requir$      
disclosures1 & = o!r purposes4  #a4     
,%ort title ,?is ,act may be cit$ z !   
,improv+ ,disclosure = ,inve/ors ,act ( 
#bjbe4  #b4 ,def9itions ,9 ?is ,act3    
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   
company1 z def9$ 9 section #c7;a77#a7 ( 
! ,inve/m5t ,company ,act ( #aidj 7#ae  
,u4,s4,c4 #hj;a-#c7;a77#a771 t is       
regi/]$ "u su* ,act2  7,b7 a bus9ess    
developm5t company1 z def9$ 9 section   

#b7;a7 ! ,inve/m5t ,company ,act ( #aidj
 7#ae ,u4,s4,c4 #hj;a-#b7;a772  7,c7 a  
regi/]$ brok] or deal]1 z ^? t]ms are   
def9$ 9 section #c7;a7 ( ! ,securities  
,ex*ange ,act ( #aicd 7#ae ,u4,s4,c4    
#gh;c7a772  7,d7 a regi/]$ municipal    
securities deal]1 z def9$ 9 section     
#c7;a7 ( ! ,securities ,ex*ange ,act (  
#aicd 7#ae ,u4,s4,c4 #gh;c7a772  7,e7 a 
regi/]$ gov]nm5t securities brok] or    
gov]nm5t securities deal]1 z def9$ 9    
section #c7;a7 ( ! ,securities ,ex*ange 
,act ( #aicd 7#ae ,u4,s4,c4 #gh;c7a772  
7,f7 a regi/]$ inve/m5t advis]1 z def9$ 
9 section #bjb7;a7 ( ! ,inve/m5t        
,advis]s ,act ( #aidj 7#ae ,u4,s4,c4    
#hj;b-#a7;a772  7,g7 a regi/]$ transf]  
ag5t1 z def9$ 9 section #c7;a7 ( !      
,securities ,ex*ange ,act ( #aicd 7#ae  
,u4,s4,c4 #gh;c7a772 or  7,h7 a regi/]$ 
fund+ portal1 z def9$ 9 section #c7;a7 (
 ! ,securities ,ex*ange ,act ( #aicd7   
7#ae ,u4,s4,c4 #gh;c7a774  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     
website & direct electronic deliv]y ( an
 appropriate notice ( ! availability ( !
 regulatory docum5t to ! inve/or2 &     
7,c7 an 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 (      
section #bcj4dih or #bcj4dih;,a ( title 
#ag1 ,code ( ,f$]al ,regulations2  7,c7 
,/atem5ts ( ,additional ,in=mation1 z   
def9$ 9 section #bgj4cj;e-#c7;h7 ( title
 #ag1 ,code ( ,f$]al ,regulations2  7,d7
 annual & semiannual 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 ( section           
#bgj4ai;a-#a ( title #ag1 ,code ( ,f$]al
 ,regulations2  7,f7 confirmations &    
acc\nt /atem5ts meet+ ! requirem5ts (   
section #bdj4aj;b-#aj ( title #ag1 ,code
 ( ,f$]al ,regulations2  7,g7 proxy     
/atem5ts meet+ ! requirem5ts ( 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 a    
self-regulatory organization1 z def9$ 9 
section #c7;a7 ( ! ,securities ,ex*ange 
,act ( #aicd 7#ae ,u4,s4,c4 #gh;c7a774  
7#g7 ,website ,! t]m website means an   
int]net website or o!r digital1 int]net1
 or electronic-bas$ in=mation           
repository1 su* z a mobile application1 
to :i* an inve/or ( a cov]$ entity has  
be5 provid$ reasonable access4  #c4     
,electronic deliv]y  7a7 ,promulgation (
 rules ,n lat] ?an #ahj days aft] ! date
 ( ! enactm5t ( ?is section1 !          
,commission %all propose &1 n lat] ?an  
#a ye> aft] ! date ( ! enactm5t ( ?is   
section1 ! ,commission %all f9alize1    
rules1 regulations1 am5dm5ts1 or        
int]pretations1 z appropriate1 to all[ a
 cov]$ entity to satisfy ! obligation ( 
! entity 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 %all-- 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 docum5ts2  7#b7 set =?       
requirem5ts = ! cont5t ( ! initial      
communication describ$ 9 p>agraph       
7#a77;,a72  7#c7 set =? requirem5ts = ! 
tim+ ( deliv]y ( a notice ( website     
availability ( regulatory docum5ts & !  
cont5t ( ! appropriate notice describ$ 9
 section #b7c77;,b72  7#d7 provide a    
me*anism = inve/ors to opt out (        

electronic deliv]y at any "t & receive  
pap] v]sions ( regulatory docum5ts2     
7#e7 require measures reasonably design$
 to id5tify & rem$iate fail$ electronic 
deliv]ies ( regulatory docum5ts2  7#f7  
set =? m9imum requirem5ts reg>d+        
readability & reta9ability = regulatory 
docum5ts t are deliv]$ electronically2 &
  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
 ,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 )       
subsection 7b72 &  7#b7 su* electronic  
deliv]y %all be deem$ to satisfy !      

obligation ( ! cov]$ entity to deliv]   
regulatory docum5ts requir$ "u !        
securities laws4  7d7 ,o!r requir$      
actions  7#a7 ,review ( rules ,!        
,commission %all-- 7,a7 n lat] ?an #ahj 
days aft] ! 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 n  
lat] ?an #a ye> aft] ! 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 ,applicability ,?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 (  
writt5 docum5ts to inve/ors4  7e7       
,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  7f7 ,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