The Securities and Exchange Commission today proposed Regulation E-Delivery, a new rule that would expand the ability of issuers, broker-dealers, investment advisers, and others to use electronic delivery to satisfy information delivery requirements…
The SEC has proposed **Regulation E‑Delivery**, a new, technology‑neutral rule that would allow electronic delivery to become the **default method** for satisfying many information delivery requirements under the federal securities laws, while preserving a right to paper on request. This is a material shift away from the long‑standing, guidance‑based and “affirmative consent” model, and will require firms to redesign their disclosure, investor communication and recordkeeping frameworks to comply with new notice, opt‑out and failure‑remediation obligations.
What Changed
- - Regulation E‑Delivery would formally replace the SEC’s decades‑old, purely guidance‑based approach to electronic delivery and establish a rule‑based framework that expressly permits e‑delivery to...
- Electronic delivery would become the default method of delivery, meaning firms could deliver required regulatory information electronically without first obtaining the investor’s affirmative consent,...
- The rule would preserve investor choice by requiring that investors and other recipients be able to request paper delivery at any time and continue receiving paper format upon request.
- The proposal would set out requirements and conditions for when e‑delivery is deemed compliant, including use of electronic addresses or other electronic methods reasonably designed to ensure receipt...
- The range of deliverable documents under Regulation E‑Delivery would be broad, covering prospectuses for funds and other issuers, fund annual and semi‑annual shareholder reports, proxy statements,...
Suggested Considerations
- Conduct a comprehensive mapping of all documents currently delivered under federal securities law requirements (prospectuses, shareholder reports, proxy materials, trade confirmations, Form CRS, Form ADV brochures) and determine how each will be delivered under Regulation E‑Delivery.
- Review and update disclosure, investor communication and delivery policies to incorporate e‑delivery as the default method while clearly documenting investor rights to request and receive paper delivery at any time.
- Design and implement procedures for maintaining accurate electronic contact information for investors and clients, including periodic verification processes and remediation steps for undeliverable emails or failed electronic transmissions.
- Develop and operationalize the transition process for paper‑based recipients, including generation and mailing of the two required paper notices that explain the move to e‑delivery and the opt‑out option.
- Update client and investor onboarding materials, account agreements and preference‑capture workflows to reflect the new default e‑delivery model and how investors can elect paper delivery or change their preferences.
Key Dates
– Start of the 60‑day public comment period on the Regulation E‑Delivery proposal
– End of the 60‑day comment period; market participants must have submitted feedback on scope, conditions, investor protections and operational impacts by this date
– Effective date of final Regulation E‑Delivery, after which firms may begin relying on the rule for default e‑delivery, subject to any specified compliance or phase‑in dates in the adopting release
– Commencement of required transition processes, including the mailing of two paper notices and implementation of opt‑out mechanisms, for investors currently receiving paper communications
Compliance Impact
Non‑compliance could result in failures to meet statutory disclosure and delivery obligations, exposing firms to SEC enforcement, supervisory findings, investor complaints, and potential civil liability where investors allege inadequate or inaccessible information. Mismanaged transitions or poor controls around e‑delivery failures may also create conduct risk, reputational damage and remediation costs, particularly for retail and senior investors.
AI-generated analysis. May contain errors or omissions — verify with the
original SEC source
before acting. Full disclaimer.
Asset ManagerBroker DealerWealth Manager The Securities and Exchange Commission today announced the creation of the Retail Fraud Working Group designed to strengthen the Division of Enforcement’s efforts to identify and combat fraud targeting everyday investors.The Retail Fraud Working Group…
What Changed
- - The SEC is reinstating the Retail Fraud Working Group within the Division of Enforcement to concentrate resources on identifying and pursuing misconduct that disproportionately harms retail...
- The Working Group will support stronger coordination with state and federal enforcement partners, including improved information-sharing and joint efforts.
- The SEC’s enforcement priorities now explicitly include offering fraud, accounting and disclosure fraud, insider trading, market manipulation, fraud by foreign actors, and fiduciary breaches...
- The SEC is signaling that it will distinguish between honest mistakes and actual fraud, but will still assess whether errors caused investor harm and calibrate remedies accordingly.
- The initiative reinforces the SEC’s broader retail-investor focus, building on the earlier Retail Strategy Task Force and related retail-protection efforts.
Suggested Considerations
- Review retail-facing sales, disclosure, and supervision controls for gaps that could create exposure under SEC fraud theories.
- Reassess product approval, marketing review, and suitability procedures for offerings sold to individual investors.
- Test whether financial reporting, performance, and valuation disclosures could be challenged as misleading or incomplete.
- Strengthen surveillance for insider trading, market manipulation, and suspicious transaction patterns involving retail accounts.
- Reevaluate client-asset safeguarding, custody, and trade-allocation controls to prevent misuse or misappropriation.
Key Dates
- The Retail Fraud Working Group begins operating as an internal enforcement priority; the announcement does not specify a formal launch date or implementation timetable
- SEC Enforcement Director David Woodcock publicly stated that the Retail Fraud Working Group would be reinstituted and that it would focus on protecting retail investors and strengthening coordination with state and federal partners
Compliance Impact
The compliance impact is high because the SEC is signaling more targeted examinations and enforcement cases involving conduct that affects retail investors. Firms that fail to identify retail harm, disclose conflicts, or protect client assets face increased risk of investigations, injunctions, penalties, undertakings, and reputational damage.
AI-generated analysis. May contain errors or omissions — verify with the
original SEC source
before acting. Full disclaimer.
Asset ManagerBroker DealerWealth Manager The Securities and Exchange Commission today announced the launch of Material Matters With SEC Chairman Paul Atkins, a new podcast that provides stakeholders and the investing public with exclusive interviews and insights around the agency’s policy and…
Asset ManagerBroker DealerWealth Manager FINRA publishes Notices to provide firms with timely information on a variety of issues. To obtain a Notice published prior to 1995, please contact FINRA MediaSource at (240) 386-4200.
Broker DealerWealth ManagerAll Firms
The Securities and Exchange Commission’s Investor Advisory Committee will hold a public meeting at the SEC Headquarters in Washington D.C. on March 12 at 10 a.m. ET to discuss public company disclosure reform, fund proxy voting, and a potential…
Asset ManagerBroker DealerWealth Manager
FINRA publishes Notices to provide firms with timely information on a variety of issues. To obtain a Notice published prior to 1995, please contact FINRA MediaSource at (240) 386-4200.
Broker DealerWealth ManagerBank No description available.
Asset ManagerBroker DealerWealth Manager
FINRA publishes Notices to provide firms with timely information on a variety of issues. To obtain a Notice published prior to 1995, please contact FINRA MediaSource at (240) 386-4200.
Broker DealerWealth ManagerBank
Electronic Communications
Broker DealerAsset ManagerWealth Manager
Digital Experience Transformation (DXT)
Broker DealerAsset ManagerWealth Manager
Derivatives
Broker DealerAsset ManagerWealth Manager
Day Trading
Broker DealerAsset ManagerWealth Manager
Comprehensive Automated Risk Data System (CARDS)
Broker DealerWealth ManagerAsset Manager
Certificates of Deposit (CDs)
Broker DealerBankWealth Manager
Central Registration Depository (CRD)
Broker DealerWealth ManagerAsset Manager
Cash Equivalents
Broker DealerWealth ManagerBank
Capital Acquisition Brokers
Broker DealerWealth ManagerAll Firms
BrokerCheck
Broker DealerWealth ManagerAll Firms
Breakpoints
Broker DealerWealth ManagerAsset Manager
Branch Offices
Broker DealerWealth ManagerBank
529 Savings Plans
Asset ManagerWealth ManagerBroker Dealer
Regulatory Notice 25-05
Broker DealerWealth ManagerAsset Manager
Regulatory Notice 25-09
Broker DealerWealth ManagerBank
Regulatory Notice 25-13
Broker DealerWealth ManagerBank
Information Notice - 10/21/25
FINRA's Information Notice dated October 21, 2025, reminds member firms of NSCC's amendment to Rule 50, effective October 17, 2025, which removes the "Settle Prep Day" from the ACATS process, shortening full customer account transfers to 3-4 business days. This matters because it aligns with FINRA Rule 11870's requirements to expedite transfers, enhances operational efficiency, reduces risk, and improves client experience amid broader industry shifts like T+1 settlement.[original notice]
What Changed
- - Removal of Settle Prep Day: NSCC Rule 50 amended to eliminate the settlement preparation stage from ACATS, effective October 17, 2025, streamlining the process for all securities...
- Mutual Fund/Options Synchronization: Eliminates the extra day for processing mutual funds and options via Fund/SERV, aligning their settlement with other assets; also removes the second day of...
- Overall Timeline Reduction: Full ACATS transfers now complete in 3-4 business days (previously longer), supporting faster asset access without manual processes.
- FINRA Rule 11870 remains unchanged but continues to mandate use of ACATS (when both firms participate), prompt validation/exceptions, and coordination to expedite transfers.[original notice]
Suggested Considerations
- Operational Readiness: Coordinate between transfer and settlement operations to handle shortened cycles and next-day settling; validate/except instructions within 3 business days per FINRA Rule 11870(b).[original notice]
- Exception Handling: Promptly resolve any transfer instruction exceptions (Rule 11870(b)(2)); ensure ACATS data meets minimum requirements to avoid rejections.
- System Updates: Migrate to new ACATS interfaces/formats ahead of October 2026 decommission; test for mutual funds, options, and complex assets.
- Contact FINRA/NSCC: Direct questions to Kathryn Mahoney (FINRA) at (646) 315-8428 or email; reference NSCC Important Notice A9646 for details.[original notice]
- Monitoring: Firms should already be compliant as enhancement launched October 17, 2025; address any post-implementation issues via DTCC support.
Key Dates
- SEC approves NSCC's proposed rule change (File No. SR-NSCC-2025-011) amending Rule 50.[original notice]
- Federal Register publication of SEC approval (90 FR 43709).[original notice]
- Effective date: Removal of Settle Prep Day and Fund/SERV changes; firms must support next-day settling assets.[original notice]
- Planned modernization of ACATS client interfaces (decommission of legacy formats; migration to JSON/MQ for enhanced messaging)
Compliance Impact
Urgency: Medium - Effective over three months ago (as of January 2026), with industry-wide accommodation confirmed; no new mandates but requires ongoing operational alignment to avoid Rule 11870 violations (e.g., delays in validation or exceptions). Matters for reducing transfer failures, enhancing efficiency post-T+1, and minimizing client complaints on account mobility; non-compliance risks FINRA scrutiny on customer protection.[original notice]
AI-generated analysis. May contain errors or omissions — verify with the
original FINRA source
before acting. Full disclaimer.
Broker DealerWealth ManagerAll Firms
Regulatory Notice 25-16
Asset ManagerBroker DealerWealth Manager Regulatory Notice 25-18
Broker DealerWealth ManagerBank
Regulatory Notice 26-02
Broker DealerWealth ManagerBank The Securities and Exchange Commission today announced it will hold its third and final outreach event to help firms comply with amendments to Regulation S-P. The event, which is focused on small firms, is open to in-person or virtual attendance, and is…
Asset ManagerBroker DealerWealth Manager The Securities and Exchange Commission’s Office of the Advocate for Small Business Capital Formation today published and delivered to Congress its 2025 staff report that serves as a comprehensive and data-rich resource on capital-raising dynamics…
Asset ManagerBroker DealerWealth Manager The Securities and Exchange Commission today announced that Cicely LaMothe, Deputy Director of the Division of Corporation Finance, has retired from the agency.“Cicely has gone above and beyond the call of duty over the past twenty-four years to serve…
Asset ManagerBroker DealerWealth Manager
The Securities and Exchange Commission today announced that Lori J. Schock, who has served as the Director of the Office of Investor Education and Assistance (OIEA) since 2009, will retire from the agency at the end of December.“I have known Lori for…
Asset ManagerBroker DealerWealth Manager
The Securities and Exchange Commission today announced that Cristina Martin Firvida, who has served as the Director of the Office of the Investor Advocate since January 2023, will conclude her tenure with the agency at the end of January 2026. As…
Asset ManagerWealth ManagerBroker Dealer