SEC Proposes New Electronic Delivery Framework for Required Investor Communications

July 20, 2026

What happened?

On July 16, 2026, the SEC proposed Regulation E-Delivery (“Reg E-Delivery”), a new rule that would establish a comprehensive framework permitting, but not requiring, electronic delivery (“e-delivery”) as the default method for providing required disclosures and reports under the federal securities laws. If adopted, the proposed rule would replace the SEC’s long-standing, guidance-based approach to electronic delivery and modernize how issuers, investment advisers, broker-dealers, and other market participants deliver required regulatory information to investors and clients.

Key Provisions

The proposed rule would:

• Permit issuers, investment advisers, broker-dealers, and other covered entities to use e-delivery to satisfy federal securities law delivery obligations without first obtaining affirmative consent from recipients;
• Establish a uniform set of conditions governing when e-delivery may be used, including requiring that (1) the recipient has provided an electronic address; (2) the sender has provided clear notice that required information will be delivered electronically; and (3) the recipient has not opted out of e-delivery; and
• Preserve recipients’ ability to opt out of e-delivery and request paper copies free of charge.

In addition, the proposed rule would apply broadly to “covered information,” which would be defined as information required to be delivered under the federal securities laws, as well as to “covered entities,” including issuers, investment advisers, and broker-dealers. “covered recipients” include current and prospective customers, clients, investors, security holders, counterparties, and similar recipients of required information.

Electronic Delivery Methods

Reg E-Delivery would permit two methods of electronic delivery:

1. Direct electronic delivery (such as email) for information that does not contain personal financial information (“PFI”); and
2. Notice-and-access delivery for information containing PFI, requiring recipients to receive a notice directing them to securely access the information through a website. Covered entities could also use this method for information that does not contain PFI.

The proposed rule would also include a transition process for recipients who currently receive paper communications. Those individuals would receive two paper notices prior to being transitioned to default electronic delivery and would be informed of their right to opt out.

Related Rule Changes

To support the new Reg E-Delivery, the SEC also proposed:

• Rescinding Rule 30e-3 under the Investment Company Act of 1940;
• Amending existing rules governing the dissemination of proxy materials and tender offer materials in Regulations 14A, 14C, and Rule 14d-5 under the Securities Exchange Act of 1934; and
• Exempting covered information delivered pursuant to Regulation E-Delivery from the consumer consent requirements of the Electronic Signatures in Global and National Commerce (E-SIGN) Act where applicable.

Next Steps for Reg E-Delivery

The proposal is subject to a 60-day public comment period following the Federal Register publication date. If adopted, Regulation E-Delivery would generally supersede the SEC’s current guidance-based electronic delivery framework while retaining certain longstanding principles reflected in existing guidance.

What does this mean for me?

An e-delivery rule would reset the default method of delivery from paper to electronic media. The move would mean a savings on paper, printing, and postage costs. A savings that could benefit investors. If the proposal is finalized, the transition would mean reviewing policies and procedures, agreements, and disclosures to update any language tied to the prior SEC guidance on e-delivery and following the notice and opt-out provisions that cover current recipients of paper communication.

We will continue to monitor regulatory updates and new developments that impact investment advisors. If you have questions, contact us. Fairview is here to help.