July 8, 2026
What Happened?
The SEC has taken a concrete step toward making electronic delivery the default method for investor disclosures. On June 22, 2026, the Commission submitted a draft rule titled “Electronic Delivery of Information Under the Federal Securities Laws” to the Office of Information and Regulatory Affairs (OIRA) within the Office of Management and Budget (OMB) — the final stop in the federal rulemaking process before a proposal is published for public comment. The submission itself does not disclose the substance of the rule, but its arrival at OIRA signals that a formal proposal is near.
The action also appears for the first time in the SEC’s Unified Agenda (RIN 3235-AN57), where it is listed at the Proposed Rule Stage with a target Notice of Proposed Rulemaking (NPRM) date of October 2026. The agenda entry flags the action as economically significant, designates it deregulatory under Executive Order 14192, and cites rulemaking authority under Section 38(a) of the Investment Company Act of 1940 (15 U.S.C. 80a-37(a)). The Division of Investment Management is leading the effort.
SEC Chair Paul Atkins has made e-delivery reform a stated regulatory objective since his confirmation in April 2025, directing staff to develop a framework that would make digital delivery the default for fund disclosures. Agency officials have indicated the approach is expected to be technology-neutral so that firms can use evolving digital communication tools. This represents a broader effort than the SEC’s prior attempt: the optional ‘notice and access’ delivery model under Rule 30e-3, first proposed in 2015 and adopted in 2018, which the SEC then largely rolled back for open-end funds and ETFs in its 2022 tailored shareholder report rules. The Commission abandoned a narrower proposal to require electronic delivery of shareholder reports amid disputes over projected industry savings.
Based on the SEC’s regulatory agenda entry and public statements, the proposal is expected to address:
What You Need to Know
The proposal has not yet been published or taken effect, so its specific provisions are not yet known. OIRA review is limited to 90 days under Executive Order 12866 and may be extended once by an additional 30 days, though reviews are frequently shorter. Once OMB concludes its review, the SEC is expected to publish the proposal and open a public comment period, which typically runs 30 to 60 days.
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