On July 16, 2026, the Securities and Exchange Commission (SEC) proposed Regulation E-Delivery, a new framework that could significantly modernize how regulatory information is delivered to investors, shareholders, and clients. If adopted, the proposal would allow electronic delivery to become the default method for nearly all required disclosures under the federal securities laws, modernizing a decades-old framework that has largely relied on paper delivery unless investors specifically opted into electronic communications.
For public companies, investment companies, asset managers, insurance firms, broker-dealers, and other market participants, the proposal represents more than a change in communication channels—it signals a broader shift toward digital-first investor engagement.
Why the SEC is Proposing This Change
The SEC's proposal reflects a simple reality: investor preferences have evolved.
According to the SEC, many required disclosures and reports are still delivered in paper format even though most investors increasingly prefer digital communications. The Commission noted that the current framework can create unnecessary costs for issuers, intermediaries, and ultimately investors. The proposal also recognizes that electronic delivery can provide a more timely, efficient, accessible, and interactive experience than traditional paper communications.
The proposed rule would generally supersede the SEC's long-standing guidance-based approach to electronic delivery and establish a formal regulatory framework for e-delivery going forward.
What Regulation E-Delivery Would Do
At its core, Regulation E-Delivery would permit, but not require, companies and financial institutions to use electronic delivery as their default method of providing required regulatory information.
The proposal applies broadly to:
- Covered Information: Information required to be delivered under federal securities laws.
- Covered Entities: Organizations that have delivery obligations, including issuers, investment advisers, and broker-dealers.
- Covered Recipients: Investors, shareholders, clients, customers, and other recipients of regulatory information.
To rely on the rule, a covered entity would generally need to:
- Utilize existing electronic address on file or obtain one from the recipient.
- Provide two clear disclosures (180 days and 30 days prior to delivery) to existing print recipients whose email addresses are known to the covered entity explaining that information will be delivered electronically moving forward unless they take an explicit action.
- Allow covered recipients to:
- Update/modify their email address
- Opt out of electronic delivery on a document-by-document basis
- Request paper copies of compliance materials free of charge
Two Proposed Electronic Delivery Methods
The SEC's proposal introduces two permissible approaches:
1. Direct Electronic Delivery
For information that does not contain personal financial information (PFI), entities could deliver documents or links to documents directly to an electronic address such as an email account.
2. Statement of Availability
For communications containing personal financial information, companies would send an email notification directing recipients to a secure website where information can be accessed. This distinction reflects the SEC's effort to balance efficiency with privacy and security considerations. The SEC is not considering “Access equals delivery” as a viable alternative, since the investor is not notified and must pull the information under this model.
What This Could Mean for Investment Companies
The proposal has particular significance for registered investment companies and asset managers.
If adopted, Regulation E-Delivery could streamline what has become a patchwork of delivery requirements and create a more uniform approach across different types of investor communications.
For fund complexes, this could result in:
- Reduced printing and mailing costs.
- Improved investor access to information.
- Opportunities for more digital and personalized communications.
At the same time, firms would need to revisit existing fulfillment, consent management, and shareholder communication processes.
What This Could Mean for Public Companies
Public companies may also see significant impacts.
The SEC has proposed amendments to rules governing the dissemination of proxy materials and tender offer communications as part of the regulation e-delivery proposal, allowing these requirements to align with the broader e-delivery framework.
For issuers, this could create opportunities to:
- Simplify shareholder communication strategies.
- Reduce administrative and distribution costs.
- Increase digital engagement with investors.
- Improve the timeliness of important corporate communications.
Companies that continue to invest heavily in paper-based distribution models may find themselves evaluating whether those processes remain necessary in a digital-default environment.
The Strategic Questions Companies Should Be Asking Today
Although the rule is only a proposal and remains subject to public comment, organizations may benefit from beginning internal assessments now.
1. Do We Have Reliable Electronic Contact Data?
The proposed rule relies on having an electronic address for recipients.
Organizations should evaluate whether investor, shareholder, and client records contain accurate and current email information, and whether processes exist to maintain data quality over time.
2. Are Our Delivery Platforms Ready?
Companies should assess whether their technology infrastructure can support:
- Secure electronic distribution
- Website hosting of required disclosures
- Notice-and-access workflows
- Document level opt-out and delivery preference management
- Paper fulfillment upon request
3. How Will We Manage Investor Preferences?
Even with a digital default, recipients retain their choice.
Organizations should consider how preference management, opt-out tracking, and customer experience processes would operate under an expanded e-delivery framework.
4. Can We Improve the Disclosure Experience?
One of the more overlooked aspects of the proposal is the SEC's recognition that electronic communications can be more interactive and accessible than paper delivery.
Forward-thinking companies may view this not merely as a compliance exercise but as an opportunity to rethink how investors consume information in a digital environment.
Looking Ahead
The SEC's proposal does not mandate electronic delivery, but it does represent a significant modernization effort that aligns securities regulation with how investors increasingly engage with information today. By establishing a formal framework for electronic communications and reducing reliance on affirmative consent requirements, Regulation E-Delivery could reshape disclosure practices across the investment management and public company landscape.
The public comment period will remain open until September 21, 2026. Whether the final rule emerges exactly as proposed or with modifications, one thing is clear: organizations that begin evaluating their data, technology, disclosure workflows, and investor communication strategies now will be better positioned to adapt to a more digital future. To learn more about DFIN’s e-delivery solution click here.
