Modernizing Disclosure for a Digital World
ICI supports establishing electronic delivery as the default method of delivering fund disclosures.
Key Takeaways:
- 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, 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 But when it comes to receiving important investment documents, outdated rules still require registered funds to send paper disclosures by default—unless investors take the extra step of opting in to electronic delivery.
ICI advocates for commonsense reforms, such as the Improving Disclosure for Investors Act, that bring financial communication into the 21st century, improving security, convenience, accessibility, and sustainability for investors. The Improving Disclosure for Investors Act, introduced in the House and Senate, would make electronic delivery (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, 95% of mutual fund–owning households have internet access, with many already paying bills, managing investments, and communicating with their financial providers digitally.
Plus, according to a July 2025 ICI investor survey, most fund investors prefer e-delivery:
- 86% say the internet plays an important role in how they manage their finances.
- 88% agree with making e-delivery the default as long as the paper option can be requested at no cost.
- 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.
This reform would benefit all investors, including:
- Middle-income households: 86% of mutual fund–owning households earning less than $50,000 have internet access.
- Older investors: 87% of mutual fund investors aged 65 or older support an e-delivery default.
- 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. The Improving Disclosure for Investors Act 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:
Electronic Delivery of Financial Information Is Way Overdue
From paying bills to ordering pizza, most people reach for an electronic device when they need information or want to make a transaction. Very few people use a telephone book. We check email much more frequently than the mailbox. And chances are, you aren’t reading a paper copy of this blog right now. Yet, despite the realities of the modern world, the law dictates that your mutual funds send you paper copies of mandatory disclosures—unless you manually opt for electronic communication. Both delivering and receiving regulatory documents through traditional mail are increasingly outdated and...
ICI Applauds Re-Introduction of Legislation to Advance E-Delivery for Investors
Washington, DC; April 1, 2025—Investment Company Institute (ICI) President and CEO Eric Pan issued the following statement on the reintroduction in the US House of Representatives of legislation to send shareholder communications electronically, instead of through the mail. H.R. 2441, the Improving Disclosure for Investors Act, was introduced by Rep. Bill Huizenga (R-MI) and cosponsored by Reps. Brad Sherman (D-CA), Bryan Steil (R-WI) and Jake Auchincloss (D-MA). “The bipartisan Improving Disclosure for Investors Act is an important step toward ensuring all investors can receive their...