This bill, titled the "Improving Disclosure for Investors Act of 2025," mandates that the Securities and Exchange Commission (SEC) propose and finalize rules within specific timelines to permit various covered entities to use electronic delivery for required regulatory documents. These entities include investment companies, brokers, dealers, and investment advisers. The regulatory documents encompass a wide range, such as prospectuses, annual reports, proxy statements, and privacy notices, among others.

The rules promulgated by the SEC must include several key provisions to protect investors. For those not initially receiving documents electronically, there must be an initial paper communication, a transition period, and an annual paper reminder for up to two years about the ability to opt out. Crucially, the rules must provide a mechanism for investors to opt out of electronic delivery at any time and receive paper versions of documents. Additionally, the SEC's rules must set requirements for the content and timing of electronic notices, mandate measures to identify and remediate failed electronic deliveries, and establish minimum standards for readability and retainability of electronically delivered documents.

Should the SEC fail to finalize these rules within one year of the bill's enactment, covered entities will be permitted to deliver regulatory documents electronically in accordance with the bill's outlined requirements, and such delivery will be deemed compliant. The bill also requires the SEC to review its existing rules to amend any requirements for written document delivery to allow for electronic delivery, unless a federal statute specifically prohibits it. Furthermore, self-regulatory organizations must adopt consistent rules, and these electronic deliveries will be exempt from certain consent requirements of the Electronic Signatures in Global and National Commerce Act.