Improving Disclosure for Investors Act of 2023

HR 1807, the Improving Disclosure for Investors Act of 2023, requires the Securities and Exchange Commission (SEC) to establish rules allowing financial firms (like investment companies, brokers, and advisers) to deliver required investor documents electronically instead of by paper. The bill mandates a 180-day transition period for firms to shift to electronic delivery, with paper reminders for two years for those who haven’t opted in, and ensures investors can always opt out for paper copies. Key provisions include requiring clear initial notices, secure delivery methods, readable electronic formats, and measures to fix failed electronic deliveries. This directly affects investors receiving documents like prospectuses, annual reports, and privacy notices from covered financial firms.