Improving Disclosure for Investors Act of 2025

The Improving Disclosure for Investors Act of 2025 directs the Securities and Exchange Commission (SEC) to create rules that allow a broad set of regulated entities to deliver investor regulatory documents electronically, rather than exclusively in paper. The bill aims to modernize how important disclosures are shared, requiring clear timelines, opt-out options, and standards for readability, retainability, and delivery reliability. It also includes transitional steps for investors who do not yet receive electronic delivery, and it instructs self-regulatory organizations to align their rules with the SEC’s rules. If the SEC fails to finalize the rules on time, electronic delivery can proceed under the bill and will be treated as satisfying regulatory delivery obligations. The bill also states that the Electronic Signatures in Global and National Commerce Act would not apply to these electronic regulatory documents, and it emphasizes that the rulemaking should not alter the underlying substance or timing of existing investor disclosure obligations. In short, the bill seeks to move many investor disclosures to electronic delivery, while preserving investor opt-outs and ensuring safeguards around delivery, readability, and privacy, with concrete deadlines for the SEC to issue and finalize the new rules.