Improving Disclosure for Investors Act of 2025

Electronic Delivery Options: The bill allows for the direct delivery of regulatory documents to an investor's electronic address or via a website, which can include mobile applications (Section 2(3)).

Investor Protections During Transition: For investors not receiving documents electronically, the bill mandates an initial paper communication and a transition period of no more than 180 days (Section 3(b)(1)(A-B)).

Opt-Out Rights: 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 3(b)(4)).

Annual Reminders: Investors are provided with an annual notice in paper form for up to two years following the transition period to remind them of their ability to opt out (Section 3(b)(1)(C)).

Document Integrity: The rules must establish minimum requirements regarding the readability and retainability of documents delivered electronically (Section 3(b)(6)).

Confidentiality Risks: For certain covered entities (excluding brokers, dealers, investment advisers, and investment companies), there is a need for measures to ensure the confidentiality of personal information when documents are delivered electronically (Section 3(b)(7)).

Delivery Failures: The bill acknowledges the possibility of failed electronic deliveries, requiring entities to have measures in place to identify and fix these issues (Section 3(b)(5)).