The SEC’s proposed Regulation E-Delivery would allow covered issuers and financial firms to make electronic disclosure the default once they meet its conditions. That would move the operational work from obtaining an affirmative opt-in to maintaining usable addresses, delivering transition notices and honouring requests for paper copies.[1][2]
The proposal was issued on 16 July 2026, published in the Federal Register on 21 July and closed for comment on 21 September. It remains a proposal, so firms continue to apply the existing delivery framework while the SEC considers the responses.[1]
A different default for the same required information
Current baseline and proposed default
| Step | Current common approach | Proposed Regulation E-Delivery |
|---|---|---|
| Initial delivery choice | Paper unless the recipient affirmatively consents to electronic delivery under existing guidance. | Electronic delivery can become the default if the rule’s conditions are met.Source 1Source 2 |
| Electronic address | Obtained as part of a consent process or other relationship. | A usable electronic address remains necessary for the delivery framework.Source 1 |
| Notice of change | Depends on existing arrangement. | Paper recipients moving to digital would receive two paper transition notices.Source 2 |
| Paper preference | Paper remains the baseline for many communications. | Recipient can opt out and request paper without charge.Source 2Source 3 |
| Rule certainty | Guidance-based framework applied across different securities laws. | A single rule would provide a specified route for satisfying delivery obligations.Source 1 |
The two paper transition notices would explain the intended switch and how recipients can retain paper delivery. This is consequential for customers who expect documents through the post: the sender needs a record of the transition and the recipient’s preference, as well as an electronic address.[2]
The underlying disclosure obligations continue to cover the content. The proposal spans prospectuses, annual and semi-annual shareholder reports, proxy and tender-offer materials, trade confirmations, Form CRS and Form ADV Part 2. Those documents perform different jobs, from documenting a trade to supplying the information needed for a vote or investment decision.[1][2]
A paper request becomes an archive and dispatch task
Paper-copy mechanics
| Question | Proposed treatment | Scope |
|---|---|---|
| Cost | The requested paper copy must be provided free of charge. | The rule is a delivery safe harbour, not a general ban on every contractual paper fee outside its scope.Source 3 |
| Timing | Generally prepare and send within three business days. | Mail transit time is separate from the sender’s dispatch obligation.Source 3 |
| How far back? | For the applicable legal retention period. | If no period is specified, information received during the preceding two years can be requested.Source 3 |
| Opt-out | Recipients can choose paper delivery. | The option is part of the proposed rule’s conditions.Source 1Source 2 |
The two-year fallback matters where another rule supplies no retention period. A request may then reach back through a substantial archive. Commissioner Hester Peirce asked whether a three-business-day dispatch window is sufficient for a large request for older material, putting the retrieval process and staffing behind the default change into the rulemaking debate.[3]
For a broker, searchable digital records can reduce postage and make past disclosures easier to retrieve. The implementation challenge is to connect address maintenance, notices, delivery preferences and archived documents so that a filtered notification or stale address does not sever the customer’s access. The final rule will determine the conditions for satisfying those duties.[1][2]
Sources & further reading
- Electronic Delivery of Information Under the Federal Securities Laws US Securities and Exchange Commission · 16 Jul 2026 · Accessed 16 Oct 2026
- SEC proposes a new e-delivery approach US Securities and Exchange Commission · 16 Jul 2026 · Accessed 16 Oct 2026
- Paper Taper: statement on proposed Regulation E-Delivery US Securities and Exchange Commission · 16 Jul 2026 · Accessed 16 Oct 2026