Modernizing Disclosure for a Digital World
ICI supports establishing electronic delivery as the default method of delivering fund disclosures.
Key Takeaways:
- Electronic delivery (e-delivery) gives investors faster, more secure, and more convenient access to critical information, anytime, anywhere.
- It helps reduce paper waste and lower costs, supporting both financial efficiency and environmental sustainability.
- It improves accessibility and usability for a broader range of investors, including those with disabilities.
- Under the Improving Disclosure for Investors Act, a provision of the INVEST Act, investors who still prefer paper can continue to receive it, preserving choice while modernizing the system.
Today, most Americans manage their finances online. But when it comes to receiving important investment documents, outdated rules still require registered funds to send paper disclosures by default—unless investors take the extra step of opting in to e-delivery.
ICI advocates for commonsense reforms, such as the INVEST Act, that bring financial communication into the 21st century, improving security, convenience, accessibility, and sustainability for investors.
The INVEST Act (and its Improving Disclosure for Investors Act provision), which passed the House in December 2025 and has been introduced in the Senate, would make e-delivery the default method for investors to receive fund communications, such as account statements and shareholder reports. Importantly, those investors who prefer paper documents could continue to receive them.
E-Delivery Would Benefit Millions of Investors
According to ICI’s latest research, internet access is essentially universal among fund investor households, with many already paying bills, managing investments, and communicating with their financial providers digitally.
Plus, according to a 2025 ICI investor survey, most fund investors prefer e-delivery:
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84% receive at least some of their financial documents electronically.
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88% agree with making e-delivery the default as long as the paper option can be requested at no cost.
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79% of fund investors who currently receive paper say default e-delivery is a good idea as long as they still have the option to receive paper delivery.
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Nearly 60% of fund investors prefer e-delivery for its reliability of delivery, and 70% prefer e-delivery for its seamless ability to follow them when they move addresses.
This reform would benefit all investors, including:
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Middle-income households: 86% of mutual fund–owning households earning less than $50,000 have internet access.
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Older investors: 87% of fund investors aged 65 or older support an e-delivery default.
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Investors with disabilities: E-delivery enables accessibility tools like screen readers, zoom, and high-contrast settings—ensuring equitable access to vital information.
ICI supports this simple change that reflects how investors already live, work, and save. That’s why we urge the Senate to take action on the INVEST Act and its Improving Disclosure for Investors Act provision, which would bring financial communication in line with the digital age and help more Americans stay informed, engaged, and in control of their financial future.
Key Resources:
ICI Applauds FINRA Action to Make E-Delivery the Default for Investors
ICI President and CEO Eric Pan today released a statement regarding the Financial Industry Regulatory Authority updated requirements governing how broker-dealers deliver investor disclosures and other communications. Once effective, the updates will allow member firms to make electronic delivery their default delivery method.
ICI to SEC: E-Delivery Can Save Investors Billions
The Investment Company Institute submitted a letter to the Securities and Exchange Commission outlining significant cost-savings estimates to support rulemaking that would allow funds to deliver documents to shareholders electronically on a default basis.
