SEC Proposes Default Electronic Delivery for Required Securities Disclosures
Public companies, broker-dealers, investment advisers and other SEC-covered market participants must monitor and comment on a proposed rule that would flip the default for required securities disclosures from opt-in paper to opt-out electronic delivery, eliminating longstanding paper notice requirements and cutting administrative and mailing costs for regulated entities.
On July 16, 2026, the SEC voted to propose Regulation E-Delivery, a uniform rule that would replace decades of guidance-based requirements for delivering mandatory securities disclosures. Under the proposal, covered entities could send regulatory documents electronically without prior affirmative consent, as long as the recipient has provided an electronic address, received prominent advance notice of electronic delivery, and has not opted out. The rule would eliminate the standalone paper Notice of Internet Availability for proxy materials, remove the longstanding 40-calendar-day e-proxy deadline, and extend default electronic delivery to business combination proxy solicitations and tender offer materials. Recipients retain the right to free paper copies at any time, with current paper recipients entitled to two advance paper notices before transition. The 60-day comment period closes September 21, 2026, with a two-year transition period planned if the rule is finalized.