Bill > HR2441

This bill aims to modernize the delivery of regulatory documents in the financial sector by allowing and establishing guidelines for electronic delivery. Specifically, the Securities and Exchange Commission (SEC) is required to develop rules within one year that enable financial entities like investment companies, brokers, dealers, and investment advisers to deliver regulatory documents electronically to investors. The bill outlines comprehensive requirements for this electronic delivery, including provisions for investors who are not yet receiving documents electronically, such as initial paper communications, transition periods, and annual reminder notices. The electronic delivery methods can include direct email delivery, website posting with notification, or other electronic methods that ensure investor receipt. The bill mandates that these electronic documents must meet minimum readability and retention standards, provide a mechanism for investors to opt out and receive paper documents, and include measures to identify and remediate failed electronic deliveries. Additionally, the bill requires the SEC to review existing rules to update any "written document" requirements and directs self-regulatory organizations to adopt consistent rules. Importantly, the bill covers a wide range of documents including prospectuses, annual reports, proxy statements, and privacy notices, aiming to make financial communications more efficient and accessible in the digital age.

Business and Industry

https://www.congress.gov/bill/119th-congress/house-bill/2441/all-info