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![handle is hein.congrecreports/crptxafuf0001 and id is 1 raw text is: AUTHENTICATED
U.GOVERNMENT
INFORMATION .
118TH CONGRESS REPORT
1st Session HOUSE OF REPRESENTATIVES 118-295
IMPROVING DISCLOSURE FOR INVESTORS ACT OF 2023
DECEMBER 1, 2023.-Committed to the Committee of the Whole House on the State
of the Union and ordered to be printed
Mr. MCHENRY, from the Committee on Financial Services,
submitted the following
R E P O R T
[To accompany H.R. 1807]
[Including cost estimate of the Congressional Budget Office]
The Committee on Financial Services, to whom was referred the
bill (H.R. 1807) to direct the Securities and Exchange Commission
to promulgate rules with respect to the electronic delivery of cer-
tain required disclosures, and for other purposes, having considered
the same, reports favorably thereon with an amendment and rec-
ommends that the bill as amended do pass.
The amendment is as follows:
Strike all after the enacting clause and insert the following:
SECTION 1. SHORT TITLE.
This Act may be cited as the Improving Disclosure for Investors Act of 2023.
SEC. 2. ELECTRONIC DELIVERY.
(a) PROMULGATION OF RULES.-Not later than 180 days after the date of the en-
actment of this section, the Securities and Exchange Commission shall propose and,
not later than 1 year after the date of the enactment of this section, the Commission
shall finalize, rules, regulations, amendments, or interpretations, as appropriate, to
allow a covered entity to satisfy the entity's obligation to deliver regulatory docu-
ments required under the securities laws to investors using electronic delivery.
(b) REQUIRED PROVISIONS.-Rules, regulations, amendments, or interpretations
the Commission promulgates pursuant to subsection (a) shall:
(1) With respect to investors that do not receive all regulatory documents by
electronic delivery, provide for-
(A) delivery of an initial communication in paper form regarding elec-
tronic delivery;
(B) a transition period not to exceed 180 days until such regulatory docu-
ments are delivered to such investors by electronic delivery; and
(C) during a period not to exceed 2 years following the transition period
set forth in subparagraph (B), delivery of an annual notice in paper form
solely reminding such investors of the ability to opt out of electronic deliv-
ery at any time and receive paper versions of regulatory documents.
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