US
Us Congress House Bill HB1807

Us Congress 2023-2024 Regular Session

Us Congress House Bill HB1807 Compare Versions

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1-IB
2-Union Calendar No. 239
1+I
32 118THCONGRESS
43 1
54 STSESSION H. R. 1807
6-[Report No. 118–295]
75 To direct the Securities and Exchange Commission to promulgate rules with
86 respect to the electronic delivery of certain required disclosures, and
97 for other purposes.
108 IN THE HOUSE OF REPRESENTATIVES
119 MARCH27, 2023
1210 Mr. H
1311 UIZENGA(for himself, Mr. AUCHINCLOSS, Mr. STEIL, and Mr. NICKEL)
1412 introduced the following bill; which was referred to the Committee on Fi-
1513 nancial Services
16-D
17-ECEMBER1, 2023
18-Additional sponsor: Mr. R
19-UTHERFORD
20-D
21-ECEMBER1, 2023
22-Reported with an amendment, committed to the Committee of the Whole
23-House on the State of the Union, and ordered to be printed
24-[Strike out all after the enacting clause and insert the part printed in italic]
25-[For text of introduced bill, see copy of bill as introduced on March 27, 2023]
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2914 A BILL
3015 To direct the Securities and Exchange Commission to pro-
3116 mulgate rules with respect to the electronic delivery of
3217 certain required disclosures, and for other purposes.
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3618 Be it enacted by the Senate and House of Representa-1
3719 tives of the United States of America in Congress assembled, 2
3820 SECTION 1. SHORT TITLE. 3
3921 This Act may be cited as the ‘‘Improving Disclosure 4
4022 for Investors Act of 2023’’. 5
4123 SEC. 2. ELECTRONIC DELIVERY. 6
4224 (a) P
4325 ROMULGATION OF RULES.—Not later than 180 7
44-days after the date of the enactment of this section, the Secu-8
45-rities and Exchange Commission shall propose and, not 9
46-later than 1 year after the date of the enactment of this 10
47-section, the Commission shall finalize, rules, regulations, 11
48-amendments, or interpretations, as appropriate, to allow 12
49-a covered entity to satisfy the entity’s obligation to deliver 13
50-regulatory documents required under the securities laws to 14
51-investors using electronic delivery. 15
26+days after the date of the enactment of this section, the 8
27+Securities and Exchange Commission shall propose and, 9
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31+not later than 1 year after the date of the enactment of 1
32+this section, the Commission shall finalize, rules, regula-2
33+tions, amendments, or interpretations, as appropriate, to 3
34+allow a covered entity to satisfy the entity’s obligation to 4
35+deliver regulatory documents required under the securities 5
36+laws to investors using electronic delivery. 6
5237 (b) R
53-EQUIREDPROVISIONS.—Rules, regulations, 16
54-amendments, or interpretations the Commission promul-17
55-gates pursuant to subsection (a) shall: 18
56-(1) With respect to investors that do not receive 19
57-all regulatory documents by electronic delivery, pro-20
58-vide for— 21
59-(A) delivery of an initial communication in 22
60-paper form regarding electronic delivery; 23
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64-(B) a transition period not to exceed 180 1
65-days until such regulatory documents are deliv-2
66-ered to such investors by electronic delivery; and 3
67-(C) during a period not to exceed 2 years 4
68-following the transition period set forth in sub-5
69-paragraph (B), delivery of an annual notice in 6
70-paper form solely reminding such investors of the 7
71-ability to opt out of electronic delivery at any 8
72-time and receive paper versions of regulatory 9
73-documents. 10
74-(2) Set forth requirements for the content of the 11
75-initial communication described in paragraph (1)(A). 12
76-(3) Set forth requirements for the timing of de-13
77-livery of a notice of website availability of regulatory 14
78-documents and the content of the appropriate notice 15
79-described in subsection (h)(3)(B). 16
80-(4) Provide a mechanism for investors to opt out 17
81-of electronic delivery at any time and receive paper 18
82-versions of regulatory documents. 19
83-(5) Require measures reasonably designed to 20
84-identify and remediate failed electronic deliveries of 21
85-regulatory documents. 22
86-(6) Set forth minimum requirements regarding 23
87-readability and retainability for regulatory docu-24
88-ments that are delivered electronically. 25
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92-(7) For covered entities other than brokers, deal-1
93-ers, investment advisers registered with the Commis-2
94-sion, and investment companies, require measures 3
95-reasonably designed to ensure the confidentiality of 4
96-personal information in regulatory documents that 5
97-are delivered to investors electronically. 6
38+EQUIREDPROVISIONS.—Rules, regulations, 7
39+amendments, or interpretations the Commission promul-8
40+gates pursuant to subsection (a) shall: 9
41+(1) With respect to investors that do not receive 10
42+all regulatory documents by electronic delivery, pro-11
43+vide for— 12
44+(A) delivery of an initial communication in 13
45+paper form regarding electronic delivery; 14
46+(B) a transition period not to exceed 180 15
47+days until such regulatory documents are deliv-16
48+ered to such investors by electronic delivery; 17
49+and 18
50+(C) during a period not to exceed 2 years 19
51+following the transition period set forth in sub-20
52+paragraph (B), delivery of an annual notice in 21
53+paper form solely reminding such investors of 22
54+the ability to opt out of electronic delivery at 23
55+any time and receive paper versions of regu-24
56+latory documents. 25
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60+(2) Set forth requirements for the content of 1
61+the initial communication described in paragraph 2
62+(1)(A). 3
63+(3) Set forth requirements for the timing of de-4
64+livery of a notice of website availability of regulatory 5
65+documents and the content of the appropriate notice 6
66+described in subsection (h)(3)(B). 7
67+(4) Provide a mechanism for investors to opt 8
68+out of electronic delivery at any time and receive 9
69+paper versions of regulatory documents. 10
70+(5) Require measures reasonably designed to 11
71+identify and remediate failed electronic deliveries of 12
72+regulatory documents. 13
73+(6) Set forth minimum requirements regarding 14
74+readability and retainability for regulatory docu-15
75+ments that are delivered electronically. 16
76+(7) For covered entities other than brokers, 17
77+dealers, investment advisers registered with the 18
78+Commission, and investment companies, require 19
79+measures reasonably designed to ensure the con-20
80+fidentiality of personal information in regulatory 21
81+documents that are delivered to investors electroni-22
82+cally. 23
9883 (c) E
99-XEMPTIONFROMCERTAINREQUIREMENTS.— 7
100-Section 101(c) of the Electronic Signatures in Global and 8
101-National Commerce Act (15 U.S.C. 7001(c)) shall not apply 9
102-with respect to a regulatory document delivered in accord-10
103-ance with this section. 11
84+XEMPTIONFROMCERTAINREQUIREMENTS.— 24
85+Section 101(c) of the Electronic Signatures in Global and 25
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89+National Commerce Act (15 U.S.C. 7001(c)) shall not 1
90+apply with respect to a regulatory document delivered in 2
91+accordance with this section. 3
10492 (d) R
105-ULE OFCONSTRUCTION.—Nothing in this section 12
106-shall be construed as altering the substance or timing of 13
107-any regulatory document obligation under the securities 14
108-laws or regulations of a self-regulatory organization. 15
93+ULE OFCONSTRUCTION.—Nothing in this sec-4
94+tion shall be construed as altering the substance or timing 5
95+of any regulatory document obligation under the securities 6
96+laws or regulations of a self-regulatory organization. 7
10997 (e) T
110-REATMENT OFREVISIONSNOTCOMPLETED IN A 16
111-T
112-IMELYMANNER.—If the Commission fails to finalize the 17
113-rules, regulations, amendments, or interpretations required 18
114-under subsection (a) before the date specified in such sub-19
115-section— 20
116-(1) a covered entity may deliver regulatory docu-21
117-ments using electronic delivery in accordance with 22
118-subsections (b) through (d); and 23
119-(2) such electronic delivery shall be deemed to 24
120-satisfy the obligation of the covered entity to deliver 25
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124-regulatory documents required under the securities 1
125-laws. 2
98+REATMENT OFREVISIONSNOTCOMPLETED IN 8
99+ATIMELYMANNER.—If the Commission fails to finalize 9
100+the rules, regulations, amendments, or interpretations re-10
101+quired under subsection (a) before the date specified in 11
102+such subsection— 12
103+(1) a covered entity may deliver regulatory doc-13
104+uments using electronic delivery in accordance with 14
105+subsections (b) through (d); and 15
106+(2) such electronic delivery shall be deemed to 16
107+satisfy the obligation of the covered entity to deliver 17
108+regulatory documents required under the securities 18
109+laws. 19
126110 (f) O
127-THERREQUIREDACTIONS.— 3
111+THERACTION.— 20
128112 (1) R
129-EVIEW OF RULES .—The Commission 4
130-shall— 5
131-(A) within 180 days of the date of enact-6
132-ment of this Act, conduct a review of the rules 7
133-and regulations of the Commission to determine 8
134-whether any such rules or regulations require de-9
135-livery of written documents to investors; and 10
136-(B) within 1 year of the date of enactment 11
137-of this Act, promulgate amendments to such rules 12
138-or regulations to provide that any requirement 13
139-to deliver a regulatory document ‘‘in writing’’ 14
140-may be satisfied by electronic delivery. 15
113+EVIEW OF RULES .—The Commission 21
114+shall— 22
115+(A) within 180 days of the date of enact-23
116+ment of this Act, conduct a review of the rules 24
117+and regulations of the Commission to determine 25
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121+whether any such rules or regulations require 1
122+delivery of written documents to investors; and 2
123+(B) within 1 year of the date of enactment 3
124+of this Act, promulgate amendments to such 4
125+rules or regulations to provide that any require-5
126+ment to deliver a regulatory document ‘‘in writ-6
127+ing’’ may be satisfied by electronic delivery. 7
141128 (2) A
142-CTIONS BY SELF-REGULATORY ORGANIZA -16
143-TIONS.—Each self-regulatory organization shall adopt 17
144-rules and regulations, or amend the rules and regula-18
145-tions of the self-regulatory organization, consistent 19
146-with this Act and consistent with rules, regulations, 20
147-amendments, or interpretations finalized by the Com-21
148-mission pursuant to subsection (a). 22
129+CTIONS BY SELF-REGULATORY ORGANIZA -8
130+TIONS.—Each self-regulatory organization shall 9
131+adopt rules and regulations, or amend the rules and 10
132+regulations of the self-regulatory organization, con-11
133+sistent with this Act and consistent with rules, regu-12
134+lations, amendments, or interpretations finalized by 13
135+the Commission pursuant to subsection (a). 14
149136 (3) R
150-ULE OF APPLICATION .—This subsection 23
151-shall not apply to a rule or regulation issued pursu-24
152-ant to a Federal statute if that Federal statute spe-25
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156-cifically requires delivery of written documents to in-1
157-vestors. 2
137+ULE OF APPLICATION .—This subsection 15
138+shall not apply to a rule or regulation issued pursu-16
139+ant to a Federal statute if that Federal statute spe-17
140+cifically requires delivery of written documents to in-18
141+vestors. 19
158142 (g) D
159-EFINITIONS.—In this section: 3
143+EFINITIONS.—In this section: 20
160144 (1) C
161-OMMISSION.—The term ‘‘Commission’’ 4
162-means the Securities and Exchange Commission. 5
145+OMMISSION.—The term ‘‘Commission’’ 21
146+means the Securities and Exchange Commission. 22
163147 (2) C
164-OVERED ENTITY.—The term ‘‘covered enti-6
165-ty’’ means— 7
166-(A) an investment company (as defined in 8
167-section 3(a)(1) of the Investment Company Act 9
168-of 1940 (15 U.S.C. 80a–3(a)(1))) that is reg-10
169-istered under such Act; 11
170-(B) a business development company (as de-12
171-fined in section 2(a) the Investment Company 13
172-Act of 1940 (15 U.S.C. 80a–2(a))) that has elect-14
173-ed to be regulated as such under such Act; 15
174-(C) a registered broker or dealer (as defined 16
175-in section 3(a)(4) and section 3(a)(5) of the Se-17
176-curities Exchange Act of 1934) (15 U.S.C. 18
177-78c(a)(4) & 78c(a)(5)); 19
178-(D) a registered municipal securities dealer 20
179-(as defined in section 3(a)(30) of the Securities 21
180-Exchange Act of 1934) (15 U.S.C. 78c(a)(30)); 22
181-(E) a registered government securities 23
182-broker or government securities dealer (as de-24
183-fined in section 3(a)(43) and section 3(a)(44) of 25
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187-the Securities Exchange Act of 1934) (15 U.S.C. 1
188-78c(a)(43) & 78c(a)(44)); 2
189-(F) a registered investment adviser (as de-3
190-fined in section 202(a)(11) of the Investment Ad-4
191-visers Act of 1940) (15 U.S.C. 80b–1(a)(11)); 5
192-(G) a registered transfer agent (as defined 6
193-in section 3(a)(25) of the Securities Exchange 7
194-Act of 1934) (15 U.S.C. 78c(a)(25)); or 8
195-(H) a registered funding portal (as defined 9
196-in the second paragraph (80) of section 3(a) of 10
197-the Securities Exchange Act of 1934) (15 U.S.C. 11
198-78c(a)(80)). 12
148+OVERED ENTITY.—The term ‘‘covered en-23
149+tity’’ means— 24
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153+(A) an investment company (as defined in 1
154+section 3(a)(1) of the Investment Company Act 2
155+of 1940 (15 U.S.C. 80a–3)) that is registered 3
156+under such Act; 4
157+(B) a business development company (as 5
158+defined in section 2(a) the Investment Company 6
159+Act of 1940 (15 U.S.C. 80a–2(a))) that has 7
160+elected to be regulated as such under such Act; 8
161+(C) a registered broker or dealer (as de-9
162+fined in section 3(a)(4) and section 3(a)(5) of 10
163+the Securities Exchange Act of 1934) (15 11
164+U.S.C. 78c(a)(4) & 78c(a)(5)); 12
165+(D) a registered municipal securities dealer 13
166+(as defined in section 3(a)(30) of the Securities 14
167+Exchange Act of 1934) (15 U.S.C. 78c(a)(30)); 15
168+(E) a registered government securities 16
169+broker or government securities dealer (as de-17
170+fined in section 3(a)(43) and section 3(a)(44) of 18
171+the Securities Exchange Act of 1934) (15 19
172+U.S.C. 78c(a)(43) & 78c(a)(44)); 20
173+(F) a registered investment adviser (as de-21
174+fined in section 202(a)(11) of the Investment 22
175+Advisers Act of 1940) (15 U.S.C. 80b–1); 23
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179+(G) a registered transfer agent (as defined 1
180+in section 3(a)(25) of the Securities Exchange 2
181+Act of 1934) (15 U.S.C. 78c(a)); or 3
182+(H) a registered funding portal (as defined 4
183+in section 3(a)(80) of the Securities Exchange 5
184+Act of 1934) (15 U.S.C. 78c(a)). 6
199185 (3) E
200-LECTRONIC DELIVERY.—The term ‘‘elec-13
201-tronic delivery’’, with respect to regulatory docu-14
202-ments, includes— 15
203-(A) the direct delivery of such regulatory 16
204-document to an electronic address of an investor; 17
205-(B) the posting of such regulatory document 18
206-to a website and direct electronic delivery of an 19
207-appropriate notice of the availability of the regu-20
208-latory document to the investor; and 21
209-(C) an electronic method reasonably de-22
210-signed to ensure receipt of such regulatory docu-23
211-ment by the investor. 24
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215-(4) REGULATORY DOCUMENTS .—The term ‘‘regu-1
216-latory documents’’ includes— 2
217-(A) prospectuses meeting the requirements 3
218-of section 10(a) of the Securities Act of 1933 (15 4
219-U.S.C. 77j(a)); 5
220-(B) summary prospectuses meeting the re-6
221-quirements of— 7
222-(i) section 230.498 of title 17, Code of 8
223-Federal Regulations; or 9
224-(ii) section 230.498A of title 17, Code 10
225-of Federal Regulations; 11
226-(C) statements of additional information, as 12
227-described under section 270.30e–3(h)(3) of title 13
228-17, Code of Federal Regulations; 14
229-(D) annual and semi-annual reports to in-15
230-vestors meeting the requirements of section 30(e) 16
231-of the Investment Company Act of 1940 (15 17
232-U.S.C. 80a–29(e)); 18
233-(E) notices meeting the requirements under 19
234-section 270.19a–1 of title 17, Code of Federal 20
235-Regulations; 21
236-(F) confirmations and account statements 22
237-meeting the requirements under section 240.10b– 23
238-10 of title 17, Code of Federal Regulations; 24
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242-(G) proxy statements meeting the require-1
243-ments under section 240.14a–3 of title 17, Code 2
244-of Federal Regulations; 3
245-(H) privacy notices meeting the require-4
246-ments of Regulation S–P under subpart A of 5
247-part 248 of title 17, Code of Federal Regulations; 6
248-(I) affiliate marketing notices meeting the 7
249-requirements of Regulation S–AM under subpart 8
250-B of part 248 of title 17, Code of Federal Regu-9
251-lations; and 10
252-(J) all other regulatory documents required 11
253-to be delivered by covered entities to investors 12
254-under the securities laws and the rules and regu-13
255-lations of the Commission and the self-regulatory 14
256-organizations. 15
186+LECTRONIC DELIVERY .—The term ‘‘elec-7
187+tronic delivery’’, with respect to regulatory docu-8
188+ments, includes— 9
189+(A) the direct delivery of such regulatory 10
190+document to an electronic address of an inves-11
191+tor; 12
192+(B) the posting of such regulatory docu-13
193+ment to a website and direct electronic delivery 14
194+of an appropriate notice of the availability of 15
195+the regulatory document to the investor; and 16
196+(C) an electronic method reasonably de-17
197+signed to ensure receipt of such regulatory doc-18
198+ument by the investor. 19
199+(4) R
200+EGULATORY DOCUMENTS .—The term 20
201+‘‘regulatory documents’’ includes— 21
202+(A) prospectuses meeting the requirements 22
203+of section 10(a) of the Securities Act of 1933 23
204+(15 U.S.C. 77j); 24
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208+(B) summary prospectuses meeting the re-1
209+quirements of— 2
210+(i) section 230.498 of title 17, Code of 3
211+Federal Regulations; or 4
212+(ii) section 230.498A of title 17, Code 5
213+of Federal Regulations; 6
214+(C) statements of additional information, 7
215+as described under section 270.30e–3(h)(3) of 8
216+title 17, Code of Federal Regulations; 9
217+(D) annual and semi-annual reports to in-10
218+vestors meeting the requirements of section 11
219+30(e) of the Investment Company Act of 1940 12
220+(15 U.S.C. 80a–29(e)); 13
221+(E) notices meeting the requirements 14
222+under section 270.19a–1 of title 17, Code of 15
223+Federal Regulations; 16
224+(F) confirmations and account statements 17
225+meeting the requirements under section 18
226+240.10b–10 of title 17, Code of Federal Regula-19
227+tions; 20
228+(G) proxy statements meeting the require-21
229+ments under section 240.14a–3 of title 17, 22
230+Code of Federal Regulations; 23
231+(H) privacy notices meeting the require-24
232+ments of Regulation S–P under subpart A of 25
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236+part 248 of title 17, Code of Federal Regula-1
237+tions; 2
238+(I) affiliate marketing notices meeting the 3
239+requirements of Regulation S–AM under sub-4
240+part B of part 248 of title 17, Code of Federal 5
241+Regulations; and 6
242+(J) all other regulatory documents re-7
243+quired to be delivered by covered entities to in-8
244+vestors under the securities laws and the rules 9
245+and regulations of the Commission and the self- 10
246+regulatory organizations. 11
257247 (5) S
258-ECURITIES LAWS.—The term ‘‘securities 16
259-laws’’ has the meaning given the term in section 3(a) 17
260-of the Securities Exchange Act of 1934 (15 U.S.C. 18
261-78c(a)). 19
248+ECURITIES LAWS.—The term ‘‘securities 12
249+laws’’ has the meaning given the term in section 13
250+3(a) of the Securities Exchange Act of 1934 (15 14
251+U.S.C. 78c(a)). 15
262252 (6) S
263-ELF-REGULATORY ORGANIZATION .—The 20
264-term ‘‘self-regulatory organization’’ means— 21
265-(A) a self-regulatory organization, as de-22
266-fined in section 2(a)(26) of the Securities Ex-23
267-change Act of 1934 (15 U.S.C. 78c(a)(26)); and 24
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271-(B) the Municipal Securities Rulemaking 1
272-Board. 2
253+ELF-REGULATORY ORGANIZATION .—The 16
254+term ‘‘self-regulatory organization’’ means— 17
255+(A) a self-regulatory organization, as de-18
256+fined in section 2(a)(26) of the Securities Ex-19
257+change Act of 1934 (15 U.S.C. 78c(a)); and 20
258+(B) the Municipal Securities Rulemaking 21
259+Board. 22
273260 (7) W
274-EBSITE.—The term ‘‘website’’ means an 3
275-internet website or other digital, internet, or elec-4
276-tronic-based information repository, such as a mobile 5
277-application, to which an investor of a covered entity 6
278-has been provided reasonable access. 7
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281-239
282-118
283-TH
284-CONGRESS
285-1
286-ST
287-S
288-ESSION
289-
290-H. R. 1807
291-[Report No. 118–295]
292-A BILL
293-To direct the Securities and Exchange Commission
294-to promulgate rules with respect to the electronic
295-delivery of certain required disclosures, and for
296-other purposes.
297-D
298-ECEMBER
299-1, 2023
300-Reported with an amendment, committed to the Com-
301-mittee of the Whole House on the State of the Union,
302-and ordered to be printed
303-VerDate Sep 11 2014 23:55 Dec 01, 2023 Jkt 049200 PO 00000 Frm 00012 Fmt 6651 Sfmt 6651 E:\BILLS\H1807.RH H1807
304-kjohnson on DSK7ZCZBW3PROD with $$_JOB
261+EBSITE.—The term ‘‘website’’ means an 23
262+internet website or other digital, internet, or elec-24
263+tronic-based information repository, such as a mobile 25
264+VerDate Sep 11 2014 00:41 Apr 08, 2023 Jkt 039200 PO 00000 Frm 00009 Fmt 6652 Sfmt 6201 E:\BILLS\H1807.IH H1807
265+pbinns on DSKJLVW7X2PROD with $$_JOB 10
266+•HR 1807 IH
267+application, to which an investor of a covered entity 1
268+has been provided reasonable access. 2
269+Æ
270+VerDate Sep 11 2014 00:41 Apr 08, 2023 Jkt 039200 PO 00000 Frm 00010 Fmt 6652 Sfmt 6301 E:\BILLS\H1807.IH H1807
271+pbinns on DSKJLVW7X2PROD with $$_JOB