SEC Proposes Default E-Delivery for Securities Disclosures
Issuers, advisers, and broker-dealers should prepare now for a shift from opt-in to opt-out electronic delivery of regulatory disclosures.
On July 16, 2026, the SEC proposed Regulation E-Delivery, which would replace the current opt-in framework with an opt-out default for electronic delivery of covered information under the federal securities laws. Covered entities—including issuers, investment advisers, and broker-dealers—could deliver prospectuses, proxy materials, information statements, tender offer documents, and shareholder reports electronically if the recipient has provided an electronic address, received prominent notice, and has not opted out. Information containing personal financial information would require a notice-and-access approach via email link. The rule permits, but does not require, reliance on e-delivery, preserving flexibility. The 60-day comment period opens upon Federal Register publication. In-house counsel should assess delivery workflows, investor communications, website hosting requirements, and cost-saving opportunities while preparing compliance plans for the transition.