Improving Disclosure for Investors Act of 2025

The Improving Disclosure for Investors Act of 2025 would require the Securities and Exchange Commission (SEC) to create rules that let covered entities deliver regulatory documents to investors electronically, instead of exclusively in paper. The bill sets a concrete timeline for rulemaking, establishes a phased transition (including an initial paper communication, a transition period, and a period of annual paper notices reminding investors they can opt out), and requires specific content, opt-out mechanisms, and safeguards for readability, retention, and privacy. It also directs self-regulatory organizations (SROs) to align their rules with the new standard and clarifies that electronic delivery can satisfy regulatory obligations, with a temporary fallback if final rules are not timely adopted. In short, the bill aims to shift to broadly electronic delivery of key regulatory materials (like prospectuses, annual reports, notices, and account statements) while preserving investor choice and ensuring clear notice and access.