IAA Files Comment Letter Supporting SEC Regulation E-Delivery Proposal
September 21, 2026
On September 21, the IAA filed a comment letter strongly supporting the SEC’s proposed Regulation E-Delivery, which would modernize the framework governing electronic delivery of required disclosures and other communications under the federal securities laws. For advisers, the proposal would allow e-delivery to become the default method for delivering required communications to clients, including documents such as Form ADV brochures, rather than requiring affirmative consent to e-delivery, while preserving clients’ ability to opt out and receive paper.
The IAA has long advocated for modernizing the SEC’s e-delivery framework to reflect technological advances, evolving investor preferences, and the way investors communicate today. We appreciate the SEC’s thoughtful and comprehensive approach to this long-overdue modernization and encourage the SEC to move forward with a final rule.
We also want to thank the many IAA members who provided feedback as we developed our comments, including those who participated in our two member calls to discuss the proposal. Your input was invaluable in helping us identify the practical and operational issues that should be addressed in a final rule.
What Did the IAA Recommend?
While strongly supporting the proposal, we recommend several refinements intended to make the final framework more evergreen, technology-neutral, and operationally workable, while preserving investor choice and helping firms realize the cost and efficiency benefits of e-delivery.
Among other things, we recommend that the SEC:
- Adopt a flexible, technology-neutral framework that focuses on effective electronic access rather than using paper delivery as the benchmark.
- Grandfather existing e-delivery arrangements that are already working effectively.
- Provide greater flexibility for e-delivery communications, including global or categorical descriptions of covered information and combining notices and documents.
- Permit access-equals-delivery in appropriate circumstances, particularly for institutional investors and financial intermediaries.
- Provide greater flexibility regarding electronic addresses and alerts, including appropriate reliance on addresses obtained through affiliates, intermediaries, and third parties.
- Align the treatment of personal financial information (PFI) with Regulation S-P by using the existing definition of “sensitive customer information” that advisers already use, and simplify the proposed Statement of Availability requirements.
- Provide reasonable flexibility for paper delivery and investor preferences, including regarding the costs of paper delivery, electronic-only services, delivery preferences, and deadlines for fulfilling paper requests.
- Provide flexibility for identifying and remediating failed electronic deliveries rather than requiring an immediate switch to paper following a single delivery failure.
- Simplify the transition to default e-delivery and clarify the continued role of affirmative consent.
- Avoid new prescriptive recordkeeping requirements and ensure the framework can accommodate AI and other emerging technologies.
These recommendations are intended to help achieve the SEC’s objectives by creating a framework that can evolve with technology and changing investor communication practices, while reducing unnecessary costs and operational complexity and encouraging a better disclosure experience for investors.
What Happens Next?
The IAA will continue to engage with the SEC and its staff as they consider the comments received and work toward adoption of a final rule.
When a final rule is adopted, the IAA will be there to help members understand and implement the new requirements, including through regulatory updates, compliance resources, and opportunities for members to discuss implementation questions and practical considerations.
Read the IAA’s comment letter here.
Have Questions?
If you have questions, please contact the IAA Legal Team.
