E-Delivery

Key Takeaways From ICI's 2026 Investment Management Conference

Dinesh Khanna — Tue, 31 Mar 2026 16:32:39 +0000

Key Takeaways From ICI's 2026 Investment Management Conference Dinesh Khanna March 31, 2026

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Tue, 03/31/2026 - 14:32

ICI General Counsel Paul Cellupica and Brian Daly, Director of the SEC’s Division of Investment Management, during a fireside chat at ICI’s Investment Management Conference

The 2026 Investment Management Conference (IMC) drew more than 1,000 legal and compliance professionals to Palm Desert for three days of thoughtful discussions on policy, innovation, and industry evolution.

The big themes running through many of the 2026 IMC panels and speeches were serving investors, adapting to technology, and the importance of the relationship between the industry and its regulators. These themes reflect ICI policy priorities described in our Reimagining the 1940 Act white paper, which was unveiled at last year's IMC.

Transitioning to E-Delivery

As ICI General Counsel Paul Cellupica noted in his welcoming remarks, ICI is committed to moving investing fully into the 21st century so investors can make the most of new technology such as AI. This includes bringing investor communications into the 21^st century by making e-delivery the default communication method. Director of the SEC’s Division of Investment Management Brian Daly and SEC Commissioner Hester Peirce drove home the SEC’s broad support of e-delivery during their respective panels.

Peirce noted in her fireside chat with ICI President & CEO Eric Pan: "A wholehearted embrace of e-delivery would be a better way to steward investor money and respond to the preferences of, particularly, a post-COVID investor population...We all realize that just making either e-delivery the default with an option for paper or just making it the straight default is something that should happen.”

SEC Commissioner Hester Peirce and ICI President and CEO Eric Pan during a fireside chat at ICI’s Investment Management Conference

Reforming the Fund Proxy System

During Please Stop Calling Me: The Case for Fund Proxy Reform, a panel on the increasing costs and inefficiencies of the fund proxy system, ICI Associate General Counsel Amy McDonald shared how difficult it is for funds to obtain sufficient shareholder votes on important decisions that require a quorum. Drawing on data from a recent survey ICI conducted of more than 60 member firms, the panelists discussed how the problems with the fund proxy system are getting worse over time.

SEC Commissioner Hester Peirce acknowledged in her remarks the need to modernize the fund proxy system. She cited ICI’s survey findings that fund proxy campaigns since 2020 have cost between $675 million and $1.14 billion, telling the audience the SEC needs industry and investor input to solve the problem.

Driving ETF Innovations

The SEC has approved 48 ETF share class applications since November. As firms are preparing for implementation, the IMC panel Eying the Future: ETFs in 2026 and Beyond looked to the future, examining how ETF growth is influencing firm strategy, operational considerations, and investor adoption. Firms are weighing new opportunities alongside the complexities and operational challenges that come with a rapidly evolving ETF landscape.

ICI strongly advocated for this modernized regulatory framework for ETFs—and the SEC’s Division of Investment Management Director, Brian Daly, noted that the industry is overdue for such modernization. During a fireside chat with ICI General Counsel Paul Cellupica, he welcomed more ideas to modernize the investor experience, observing: “If there is something that could improve outcomes for retail investors that could rationalize, modernize, do any of these good things we came here to do, we want to know about it.”

ICI’s Tom Quaadman moderates the Capitol Insights: Navigating Today’s Advocacy Climate panel alongside Dimensional Fund Advisors’ Catherine Newell, T. Rowe Price’s Bob Grohowski, and Edward Jones Investments’ Andy Blocker

Looking Ahead

Thank you to everyone who joined us in Palm Desert. Session recordings will be available soon on the attendee hub for all IMC attendees.

Next on ICI's conference calendar is Leadership Summit, taking place in Washington, DC, from April 29 to May 1—a must-attend event for industry leaders and executives seeking to shape the future of asset management. National Economic Council Director Kevin Hassett and CFTC Chairman Michael Selig will headline the event.

And don’t forget to save the date for the 2027 Investment Management Conference, taking place March 14 to 17, 2027, in San Diego!

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E-Delivery

ICI Viewpoints

IRS Modernization Shows It’s Time for E-Delivery by Default

Dinesh Khanna — Tue, 17 Feb 2026 20:58:58 +0000

IRS Modernization Shows It’s Time for E-Delivery by Default Dinesh Khanna February 17, 2026

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Authors:

Michael Horn

Katie Sunderland

Wed, 02/18/2026 - 15:58

For years, fund managers have been required to file their complex tax returns on paper—a costly anachronism in a system that has otherwise moved decisively toward electronic filing. ICI has repeatedly requested electronic filing for tax returns, since member firms have described preparing, printing, assembling, and shipping these filings as a logistical exercise unto itself. For some complexes, filing season meant sending boxes, or even truckloads, of paper to the IRS every year.

Thankfully, that changed recently when the Internal Revenue Service announced that regulated funds may now file their tax returns electronically. This reform will reduce unnecessary compliance costs and administrative bottlenecks and help ensure that resources remain focused where they belong: on serving shareholders and managing assets responsibly.

A Paper Process Out of Step with the Digital Age

For many funds, a single tax return runs hundreds, or even thousands of pages. This wasn’t just inefficient. It was increasingly disconnected from how tax data are created, stored, reviewed, and analyzed. The information contained in these returns is already produced electronically, reviewed electronically, and retained electronically by both filers and the government. Requiring paper submission added cost and delay without improving compliance or oversight.

Paper filing also created downstream frictions. In some cases, acknowledgments of receipt were delayed simply because returns had not yet been opened or processed, complicating other tax-related processes and certain tax benefits that depend on timely confirmation of filing. The sheer volume of printed pages, shipping logistics, and processing delays reported by ICI member firms illustrated why the status quo no longer made sense.

Left: a set of “just a few” tax returns weighed in at 157 pounds. Right: a single fund’s tax return is more than six inches tall.

E-Filing to E-Delivery: Modernizing How Funds Serve Investors

The IRS’s move acknowledges what investors and financial institutions already know: digital delivery is faster, more efficient, and better aligned with how financial information is used today. That same logic should guide how funds deliver information to shareholders, and Congress should make electronic delivery (e-delivery) the default for investor communications.

This would replace an outdated, paper-based process with a system that improves efficiency without sacrificing oversight or investor protections. ICI research found overwhelming investor support for making electronic delivery the default for fund disclosures, while preserving paper at no cost for those who prefer it.

Investors’ preferences reflect how they already manage their financial lives. Internet access is almost universal in the US. Research shows that 95% of mutual fund-owning households have access to the internet and the vast majority bank online, make financial transactions digitally, and rely on electronic records for accessibility, searchability, and reliability.

Modernization That Works for Everyone

For funds, electronic filing will reduce operational frictions and lower the risk of processing delays, while the IRS will benefit from faster intake and easier handling of data. Applying this same digital-first approach to investor communications is the logical next step in modernizing fund operations for the benefit of investors and regulators alike.

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Internal Revenue Service (IRS)

ICI Viewpoints

ICI Applauds FINRA Action to Make E-Delivery the Default for Investors

Dinesh Khanna — Tue, 03 Feb 2026 21:54:52 +0000

ICI Applauds FINRA Action to Make E-Delivery the Default for Investors Dinesh Khanna February 3, 2026

Public

Tue, 02/03/2026 - 16:54

Washington, DC; February 3, 2026—Investment Company Institute (ICI) President and CEO Eric Pan today released the following statement regarding the Financial Industry Regulatory Authority (FINRA)’s updated requirements governing how broker-dealers deliver investor disclosures and other communications. Once effective, the updates will allow member firms to make electronic delivery (e-delivery) their default delivery method:

“ICI welcomes FINRA’s decision to bring investor communications into the 21st century by allowing broker-dealers to deliver information electronically by default. E-delivery makes sense; it’s seamless and convenient, saves money, reduces waste, and reflects investor preferences.

“A recent ICI survey showed that investors in funds overwhelmingly support e-delivery with 88% of fund investors agreeing that e-delivery should be the default, as long as people can still request paper at no cost. We found potential savings for funds alone of $3 billion to $4 billion over five years from transitioning to default e-delivery.

“FINRA’s move toward modernization continues to protect the ability of investors who would prefer to receive paper to do so.

“The House of Representatives has supported this idea on a bipartisan basis. We encourage the SEC to follow suit and look forward to continuing to work with them to better align regulations with investor preferences. E-delivery is the right move for investors in 2026.”

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News Release

ICI Quarterly Update, January 2026

Dinesh Khanna — Tue, 27 Jan 2026 18:31:39 +0000

ICI Quarterly Update, January 2026

From the largest cities to the smallest towns, and across all 50 states, American investors are participating in the success of the US economy through regulated funds. As the nation celebrates its 250th anniversary throughout 2026, ICI is highlighting how regulated funds have helped build America’s economy—and how our industry remains deeply invested in its future.

Dinesh Khanna January 27, 2026

Public

Fri, 01/30/2026 - 09:42

America at 250: Investing in Our Economic Future

As the United States approaches its 250th anniversary, the milestone offers an opportunity to reflect on the institutions and ideas that have shaped the nation’s economic success. ICI is proud to be a supporting partner of America250—a nonpartisan initiative commemorating the 250th anniversary of the United States—as part of its own efforts to mark this historic moment and highlight the role regulated funds play in supporting investors, communities, and the broader US economy.

For millions of Americans, regulated funds are essential tools for pursuing the milestones that define the American dream. Households rely on them to save for a first home, pay for education, and build long-term retirement security through diversified, professionally managed investments. With more than half of US households owning regulated funds, these vehicles remain one of the most effective ways for working families to participate in capital markets.

Beyond individual investors, regulated funds provide critical support to communities across the country. By investing in municipal securities and other public finance instruments, funds help states and local governments finance schools, hospitals, transportation networks, and other infrastructure.

Regulated funds also play a central role in driving economic growth. They provide reliable capital to businesses of all sizes, including innovative private companies that are shaping the future of the economy.

Together, these contributions underscore why regulated funds remain essential to a strong economy—and why policy reforms that strengthen this framework matter for investors and the country alike.

Worth a Click

Andrew Schlossberg elected Chair of ICI Board of Governors

See You There

ICI Innovate
Houston, TX
February 3–5

Investment Management Conference
Palm Desert, CA
March 22–25

Leadership Summit
Washington, DC
April 29–May 1

ETF Conference
Nashville, TN
June 8–10

Advocating for Investment Funds

The INVEST Act Advances in Congress

In December, the House passed the INVEST Act, a bipartisan measure to strengthen investment opportunities and support long-term capital formation. The bill advances a set of targeted reforms affecting how regulated funds operate and communicate with investors.

The INVEST Act includes provisions to strengthen closed-end funds by limiting the ability of activist investors to pursue short-term strategies that can come at the expense of long-term shareholders. It also codifies recent SEC actions that make it easier for regulated funds, including closed-end funds and business development companies, to invest in private funds and private companies—helping extend these investment opportunities to everyday investors.

In addition, the legislation promotes more efficient and modern investor communications by supporting the use of electronic delivery as the default option for shareholder materials. The bill also takes an important step toward retirement-plan parity by allowing collective investment trusts (CITs) to be offered in 403(b) plans, giving millions of educators, healthcare workers, and nonprofit employees access to the same cost-efficient investment options long available to 401(k) participants. Together, these reforms are intended to reduce unnecessary costs, improve access to information, and support a more inclusive investment framework for long-term investors.

The Need for Cross-Trading Reform

According to ICI’s estimates, in 2020, fixed-income cross-trading saved funds and their investors nearly $330 million. Following that year, the SEC disrupted the framework by which funds cross-trade, resulting in increased costs and a less efficient regulatory approach. However, the SEC has recently signaled an openness to revise the rule on cross-trading. In a recent ICI Viewpoints blog post, ICI laid out five elements that we believe the SEC should focus on to restore the benefits of cross-trading while not compromising strong investor protections. ICI stands ready to work closely with the SEC to achieve those goals.

The Cost Savings of E-Delivery

ICI shared with the SEC new estimates on the potential annual savings of electronic delivery, ranging from $589 million to $797 million per year for funds and their shareholders, with projected cumulative savings of $3 billion to $4 billion over five years. ICI data also found that fund investors overwhelmingly prefer to receive electronic delivery and support e-delivery, with 88% of fund investors agreeing that “as long as people can still request paper at no cost, it’s a good idea to make e-delivery the default.”

Strengthening Trump Accounts

ICI has been engaging with the Treasury Department and the IRS to encourage them to protect competition in how they administer Trump Accounts, the new tax-deferred savings tool created under the One Big Beautiful Bill to give children born between 2025 and 2028 a head start on investing. Treasury’s implementation decisions will determine whether families have genuine choice in how they save for their children’s future. To demonstrate ICI’s confidence in the long-term success of these accounts, ICI recently announced a $1,000 matching contribution for Trump Accounts for employees’ children.

Important Considerations for FSOC Reform

Congress is continuing to examine bipartisan legislation to improve the nation’s financial stability framework by strengthening the process used by the Financial Stability Oversight Council (FSOC) to designate nonbank financial companies as systemically important. This legislation would add an important procedural safeguard to FSOC’s most consequential authority. These reforms matter for fund investors.

State-Level Advocacy

In conversations with state attorneys general, governors, senior executive-branch officials, and key state legislators during policy convenings and one-on-one discussions, we elevated ICI’s perspective on fiduciary standards, capital-markets issues, and investor outcomes, while strengthening relationships in priority states ahead of the 2026 legislative cycle.

ICI worked with the California Air Resources Board (CARB) as it developed guidance for the implementation of climate disclosure laws SB 253 and SB 261. Through sustained engagement with agency staff and external partners, ICI helped ensure mutual funds and other regulated funds were not treated as “covered entities” under CARB’s emerging disclosure framework—avoiding significant compliance challenges and misalignment with federal reporting regimes.

Across Florida, Maine, and California, ICI continued targeted outreach to state officials on unclaimed property reforms affecting securities accounts, reinforcing the risks of premature escheatment for investors. We encourage balanced policy approaches that prioritize investor protection and operational workability for firms and account holders.

Global Regulatory Affairs

Globally, ICI continued to advance a coordinated regulatory agenda focused on expanding retail participation, supporting market integration, and promoting regulatory frameworks that enable innovation while maintaining strong investor protections.

European Union

Market Integration and Supervision

In December, the European Commission proposed the Market Integration and Supervision Package, incorporating several ICI Action Plan recommendations such as aligning UCITS and AIFMD marketing rules and reducing gold-plating to enable cross-border activity. While the package represents progress, ICI continues to call for a credible mechanism to drive supervisory convergence without weakening national supervisory links.

Retail Investment Strategy (RIS)

ICI welcomed the recent development to drop rigid UCITS cost and performance benchmarks and support default e-delivery of disclosures, which are both positive steps for retail investors. However, the RIS remains overly complex, falling short of the structural reforms needed to promote long-term retail participation. ICI will remain engaged with EU policymakers and national authorities as negotiations on the final legislative text continue.

Securitisation Regulation

As the EU revisits its Securitisation Regulation, ICI is advocating for an investor-focused approach that revitalizes Europe’s securitisation market. Key priorities include streamlining regulation and restoring market confidence to support capital markets growth.

United Kingdom

Fund Tokenization

ICI responded to the FCA’s consultation on fund tokenization, supporting its phased, collaborative model, particularly “Model 1,” while urging technological neutrality and global alignment to avoid fragmentation and support cross-border scalability.

Senior Managers & Certification Regime (SM&CR)

In its submission to HM Treasury, ICI supported the regime’s objectives but called for targeted changes clarifying the scope for overseas managers, reducing duplication for dual-regulated firms, and better aligning with global frameworks.

Asia-Pacific

Japan – NISA Reform

In December, the Japanese government proposed reforms to the Nippon Individual Savings Account (NISA) program aligned with ICI advocacy, including expanded eligibility for minors and broader fund access. The reforms aim to deepen household engagement with capital markets and are expected to be reviewed by the Diet in Q1 2026.

Hong Kong – Regulator Dialogue

ICI facilitated senior-level engagement between members and Hong Kong regulators, including policy discussions with the CEO of the Securities and Futures Commission and the Deputy CEO of the Hong Kong Monetary Authority. Topics included regulatory modernization, digital innovation, and liquidity risk management, reinforcing ICI’s standing as a trusted voice in the region.

Singapore – Long-Term Investment Fund (LIF)

ICI continues to engage the Monetary Authority of Singapore on its proposed LIF framework. ICI has stressed the need for proportionate requirements, operational clarity, and design features that support global sponsors and broaden retail access to private markets.

Supporting Members

Navigating ETF as a Share Class

ICI’s push for ETF share class relief reflected a sustained, strategic effort that culminated in the SEC issuing an order on ETF share class applications. After numerous asset managers filed exemptive applications, ICI convened an ETF share class working group in 2024 to educate members on the relevant issues and develop strategies for moving relief forward.

Additionally, ICI published a white paper, ETF Share Class Operational Considerations, laying out practical considerations for asset managers evaluating and implementing the dual share class structures. The white paper was complemented by a webinar series exploring ETF developments and potential missteps when bringing a product to market, including operational, asset management, and intermediary considerations.

Promoting Greater Access to Investing and Driving Better Retirement Outcomes

Expanding Access to Investment Options

ICI has been a leader in advocating for policy changes that recognize the built-in protections provided by funds subject to the Investment Company Act of 1940 ('40 Act) as a way to expand retail investor access to private markets. ICI examined how best to implement President Trump’s executive order democratizing access to alternative assets for 401(k) investors and identified the remaining hurdles to facilitating greater private markets access for retail investors. Our work has centered on one such challenge, promoting greater retail investor education on private markets, to lay the groundwork so that individual investors can better take advantage of the opportunities afforded by this asset class.

More People Are Investing

We also published survey research showing how regulated funds have democratized investing in the US. ICI economists wrote in a recent Viewpoints blog that regulated funds have broadened participation in American capital markets, with the number of households owning regulated funds increasing from 50.6 million to 76 million over the past two decades. The ICI survey highlighted how this growth is most pronounced among middle- and lower-income households, where fund ownership has risen significantly.

Staying the Course

ICI economists examined the behaviors that contribute to 401(k) participants’ wealth-building success. Chief among these behaviors is a steady, long-term perspective and a propensity to continue making regular contributions through market ups and downs. ICI research finds that defined contribution (DC) plan participants appreciate the features of their plans and tend to stay the course.

Figure 1
Changes in 401(k) Plan Account Balances Among Consistent 401(k) Participants
Average 401(k) plan account balance and percent change compound annual average growth rate, 2019–2023

Note: The sample is 2.7 million consistent participants in the EBRI/ICI 401(k) database over the four-year period from year-end 2019 to year-end 2023. Age group is based on participant age at year-end 2023. Account balances are participant account balances held in 401(k) plans at the participants' current employers and are net of plan loans. Retirement savings held in plans at previous employers or rolled over into IRAs are not included.

Source: Tabulations from EBRI/ICI Participant-Directed Retirement Plan Data Collection Project

Cybersecurity Resiliency for Members and Investors

ICI released the 2025 ICI Operational Resiliency Tabletop Exercise After-Action Report, summarizing key takeaways from a three-day, member-led simulation designed to strengthen preparedness for major operational disruptions. The exercise convened more than 40 member firms to test response strategies for a simulated outage at a critical service provider, reflecting the growing risk posed by fourth-party dependencies in an interconnected financial system.

Participants identified gaps in resiliency planning, evaluated cross-functional coordination, and benchmarked their approaches against peers. By convening firms of all sizes in a trusted setting, ICI facilitated practical insights and information sharing to help members strengthen operational resilience and protect fund investors.

In the News

	The [approval to launch ETF share classes of existing mutual funds] will "deliver meaningful benefits to mutual fund shareholders," said Eric Pan, president and chairman of the Investment Company Institute, an industry group. [link to article]
	The Investment Company Institute, a trade organization for brokerage firms and similar entities, has asked that the Treasury Department allow for competition, as opposed to designating one firm as the sole place where people can open [Trump] accounts. [link to article]
	“This is a much-needed improvement from past administrations when FSOC has sought to empower itself to impose its views over those of member agencies and without considering the full economic costs of its actions,” said the Investment Company Institute, a trade association for the asset management industry. [link to article]
	ICI Chief Economist Shelly Antoniewicz appeared on Schwab Network to talk economic forecasts and the state of the American consumer. [link to video]

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ICI Quarterly Update

ICI to SEC: E-Delivery Can Save Investors Billions

Dinesh Khanna — Tue, 18 Nov 2025 21:43:04 +0000

ICI to SEC: E-Delivery Can Save Investors Billions Dinesh Khanna November 18, 2025

Public

Wed, 11/19/2025 - 21:49

Washington, DC; November 19, 2025—The Investment Company Institute (ICI) submitted a letter to the Securities and Exchange Commission (SEC) outlining significant cost-savings estimates to support rulemaking that would allow funds to deliver documents to shareholders electronically on a default basis (e-delivery).

The new estimates ICI shared with the SEC show potential annual savings ranging from $589 million to $797 million per year for funds and their shareholders, with projected cumulative savings of $3 billion to $4 billion over five years from transitioning to e-delivery. ICI data also found that fund investors overwhelmingly prefer to receive electronic delivery and support e-delivery with 88% of fund investors agreeing that “as long as people can still request paper at no cost, it’s a good idea to make e-delivery the default.”

“ICI’s data finds that — even using conservative estimates — American middle-class investors would save several billion dollars by switching to default e-delivery,” said ICI President and CEO Eric Pan. “Not only is e-delivery cost efficient, investors want it. Our survey shows a vast majority of Americans support an e-delivery default. The SEC should follow the cost data and listen to investors to make e-delivery a reality.”

Key points from ICI’s letter:

In addition to the cost savings noted above, a broad, industry-wide transition could save investors staggering amounts of money—much more than the $3 billion to $4 billion in savings over five years that ICI has estimated for funds alone.
ICI recommends that the permitted means of electronic delivery should be flexible, technology neutral, and evergreen.
Investors must have the ability to elect paper delivery, or change their delivery elections, at any time.
Funds delivering electronic documents should not be held to a higher standard than funds delivering paper documents. Once a fund sends an electronic document or notification, the fund’s delivery obligation should be satisfied, consistent with standards for paper delivery.

Read ICI’s full letter to the SEC here.

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Operations and Technology

News Release

ICI Comment Letter to the SEC on Recommendations for a Default E-Delivery Framework

Dinesh Khanna — Tue, 18 Nov 2025 15:57:08 +0000

ICI Comment Letter to the SEC on Recommendations for a Default E-Delivery Framework Dinesh Khanna November 18, 2025

Public

Tue, 11/18/2025 - 10:57

The Investment Company Institute submitted a letter providing recommendations to support the SEC's rulemaking that would allow documents to be delivered to shareholders electronically by default.

Modernizing Disclosure for a Digital World

Kevin Coroneos — Tue, 30 Sep 2025 19:07:33 +0000

Modernizing Disclosure for a Digital World Kevin Coroneos Tue, 09/30/2025 - 15:07

Public

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:

84% receive at least some of their financial documents electronically.

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.

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:

Middle-income households: 86% of mutual fund–owning households earning less than $50,000 have internet access.

Older investors: 87% of 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. 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:

News Release

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.

February 3, 2026

News Release

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.

November 19, 2025

Research

Americans’ Views on E-Delivery of Financial Documents

Read our survey on the views of Americans generally, and fund investors in particular, on the e-delivery of financial documents and their general comfort using the internet for financial transactions.

September 2, 2025

Fact Sheet

The Improving Disclosure for Investors Act (pdf)

December 1, 2025

E-Delivery

ICI Survey Shows Investors Overwhelmingly Prefer Electronic Delivery of Financial Documents

admin — Wed, 03 Sep 2025 18:44:27 +0000

ICI Survey Shows Investors Overwhelmingly Prefer Electronic Delivery of Financial Documents admin September 3, 2025

Washington, DC; September 3, 2025—As Congress and the Securities and Exchange Commission (SEC) consider changing laws to allow the delivery of financial documents electronically as the default delivery method, ICI released the results of its survey on Americans’ Views on E-Delivery of Financial Documents.

In addition to better aligning with investor preferences, e-delivery can provide enhanced investor protection and experiences and result in significant cost savings for funds and investors. Investors’ confidence in, reliance on, and experience with technology and electronic communications support this policy change.

“E-delivery of financial documents to investors is consistent with how Americans receive, analyze and communicate information in all other parts of their lives in the 21^st century. E-delivery makes information-sharing more timely, accessible, and efficient,” shared ICI President & CEO Eric Pan. “We urge policymakers to deliver this commonsense policy change and make available its full benefits to investors.”

Key survey findings include:

There is widespread support for an e-delivery default.
88% of fund investors agree that “As long as people can still request paper at no cost, it’s a good idea to make e-delivery the default.”
87% of fund investors aged 65 or older support an e-delivery default.
79% of fund investors who reported that they only received paper copies of financial documents also supported an e-delivery default.
About 70% of fund investors prefer e-delivery regardless of document type.
A majority of Americans already receive documents electronically and engage online.
- 84% of fund investors receive at least some of their financial documents electronically.
- 96% of fund investors engage online to make car, restaurant, hotel or plane reservations.
- 93% of fund investors engage in online banking.

Read the full report on ICI’s survey results here.

Background:

H.R. 2441, the Improving Disclosure for Investors Act of 2025, introduced by Rep. Bill Huizenga (R-MI) and cosponsored by Reps. Brad Sherman (D-CA), Bryan Steil (R-WI) and Jake Auchincloss (D-MA), directs the SEC to permit financial firms to deliver regulatory documents to investors through electronic means as the default method.

ICI’s report, Reimagining the 1940 Act: Key Recommendations for Innovation and Investor Protection, which calls on the SEC to address the recommendations as part of its tripartite mission of capital formation, investor protection, and orderly markets, urges the Commission to pass a rule to make electronic delivery of fund disclosure documents the default.

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Wed, 09/03/2025 - 14:44

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American Investors Agree: Let’s Make E-Delivery the Default

admin — Wed, 03 Sep 2025 17:47:14 +0000

American Investors Agree: Let’s Make E-Delivery the Default admin September 3, 2025

Americans manage nearly every part of their financial lives online. Yet when it comes to their mutual fund and ETF accounts, the law still requires most investors opt in if they want to receive financial documents electronically. That outdated approach drives up costs and, according to new ICI research, has very little support from American investors.

Strong Support Across the Board

In a nationally representative July 2025 survey of more than 1,100 adults, including 400 mutual fund or ETF investors, ICI found that:

88% of fund investors said it’s a good idea to make e-delivery the default as long as paper remains available at no cost.
87% of fund investors aged 65 and older—the very group often cited as needing paper—also agreed.
79% of “paper-only” investors, who today receive all of their fund documents by mail, said they support an e-delivery default if investors can still request paper.
38% of investors who currently receive some paper could be better off under a default system of e-delivery because they either thought they had already signed up for electronic records or found the opt-in process too cumbersome.

These results demonstrate broad support for a simple, modernizing reform: keep paper available for those who want it, but make investors’ path of least resistance e-delivery of their financial documents.

Why Investors Prefer E-Delivery

ICI’s survey found that investors already conduct nearly all of their daily financial lives online.

The data show 96 percent of fund investors make car, restaurant, hotel, or plane reservations online, 93 percent use online banking, and about eight in 10 make stock or fund transactions digitally. Against this backdrop, it’s natural for investors to expect the same convenience when it comes to receiving their fund documents.

When asked why they favor electronic delivery, investors pointed to several clear advantages:

More user-friendly and searchable: 65% of fund investors preferred e-delivery of financial documents for being more user-friendly and searchable.
Accessibility and flexibility: About 60% of fund investors preferred e-delivery for its ease of access given the length of some documents and the flexibility to read documents whenever and wherever.
Reliability of delivery: Nearly 60% of fund investors preferred e-delivery for its reliability of delivery, and 70% preferred e-delivery for its seamless ability to follow them when they moved addresses.

The Time for Reform Is Now

Some critics have argued against e-delivery defaults, warning that seniors would be left behind, but ICI’s survey results tell a different story. Not only do nearly 90% of older investors support making e-delivery the default, but the majority of paper-only investors do as well. Concerns about excluding these groups are not borne out in the data. An e-delivery default doesn’t eliminate paper—it simply flips the starting point, giving most investors the experience they already prefer while driving down administrative costs and preserving choice for those who want paper documentation.

Investors are already banking, shopping, and managing their finances online. They want their fund documents to meet the same standard of accessibility, security, and convenience. The evidence is clear: the majority of investors support making e-delivery the default.

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Authors:

Sarah Holden

Wed, 09/03/2025 - 13:47

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www_ici_org,