Improving Disclosure for Investors Act of 2025

This bill requires the Securities and Exchange Commission (SEC) to establish rules allowing financial firms (like investment companies, brokers, and advisers) to deliver regulatory documents electronically to investors. Covered entities must provide initial paper copies to investors not using electronic delivery, offer a 180-day transition period, and send annual paper reminders for two years about the option to opt out of electronic delivery. Investors can always choose paper versions, and firms must ensure electronic documents are secure, readable, and reliably delivered. The SEC must finalize these rules within one year of the bill's enactment, with firms permitted to use electronic delivery immediately if the SEC misses the deadline. This changes how investors receive financial disclosures but does not alter the content or timing of required documents.