Improving Disclosure for Investors Act of 2025

Flexibility in Document Delivery: The bill allows covered entities to satisfy their obligation to deliver regulatory documents via electronic methods, such as direct email or website posting (Section 2(a), Section 2(g)(3)).

Protections for Non-Electronic Users: For investors not currently receiving documents electronically, the bill requires an initial paper communication, a transition period of up to 180 days, and annual paper notices for up to 2 years to remind them they can opt out (Section 2(b)(1)).

Investor Control: The rules must include a mechanism that allows investors to opt out of electronic delivery at any time to continue receiving paper versions of their documents (Section 2(b)(4)).

Security and Quality Standards: The Act requires that rules include measures to identify and fix failed electronic deliveries, and establishes minimum requirements for the readability and retainability of electronic documents (Section 2(b)(5), Section 2(b)(6)).

Privacy Safeguards: For entities other than brokers, dealers, investment advisers, and investment companies, the rules must include measures designed to ensure the confidentiality of personal information in electronic regulatory documents (Section 2(b)(7)).

Loss of Paper Formats: The bill moves toward electronic delivery for various regulatory documents, including prospectuses, annual reports, and proxy statements (Section 2(g)(4)).

Mandatory Transition: Investors who do not receive electronic documents may undergo a transition period of up to 180 days before their documents are delivered electronically (Section 2(b)(1)(B)).