Paper Taper: Statement on Proposed Regulation E-Delivery
AI Analysis
The SEC issued a proposal for **Regulation E-Delivery**, which would let covered securities-law senders deliver required information electronically without first getting affirmative consent, so long as specified conditions are met. The proposal matters because it would shift the current paper/opt-in default toward an electronic default for a wide range of investor and client disclosures, while preserving paper delivery rights on request.
Key dates
- 2026-07-16
- SEC proposed Regulation E-Delivery
- 2026-09-21 Deadline
- Public comments due on the proposal
Suggested considerations
- Compliance teams may wish to map all current delivery obligations to determine which documents would qualify as 'covered information' under the proposal.
- Firms may wish to review whether their records reliably capture valid electronic addresses for intended recipients.
- Firms may wish to assess how they would evidence the required prominent disclosure and opt-out status before relying on electronic delivery.
- Firms may wish to identify communications containing personal financial information and evaluate whether those items would need a statement-of-availability approach rather than direct electronic delivery.
- Firms may wish to plan for paper-notice and transition workflows for recipients currently receiving paper delivery.
- Firms may wish to review affected proxy, tender offer, fund reporting, Form CRS, and Form ADV processes for operational and disclosure changes if the proposal is finalized.
What changed
The proposal would create a new, cross-cutting framework under the federal securities laws for electronic delivery of 'covered information' by 'covered entities.' Under the proposal, electronic delivery could satisfy delivery obligations without prior affirmative consent if the recipient has provided an electronic address, has received prominent disclosure that information will be sent electronically, and has not opted out. The SEC said the proposal would apply broadly to items including prospectuses, fund annual and semi-annual reports, proxy statements, trade confirmations, Form CRS disclosures, and Form ADV Part 2 brochures. The proposal also includes a transition process for recipients currently receiving paper, including two paper notices before transition and an opt-out opportunity.
Compliance impact
The SEC’s proposal is potentially significant because it could materially change how firms satisfy delivery obligations across multiple securities-law regimes and require operational changes to consent, notice, address capture, and paper-transition processes. The SEC frames the proposal as increasing accessibility and usefulness of information while still preserving paper access on request.
Who is affected
Related regulations
References
AI-generated analysis. May contain errors or omissions — verify with the original SEC source before acting. Full disclaimer.
What the SEC said
Commissioner Hester M. Peirce
Published by SEC . Read the full notice at the source for the authoritative text.