Corporate Governance Reform and Transparency Act of 2016
This bill amends the Securities Exchange Act of 1934 to require the registration of proxy advisory firms and make it unlawful for an unregistered proxy advisory firm to make use of the mails or any means or instrumentality of interstate commerce to provide proxy voting research, analysis, or recommendations to any client.
"Proxy advisory firm" means any person registered under this bill who is engaged in the business of providing proxy voting research, analysis, or recommendations to clients, which conduct constitutes a solicitation, except to the extent that the person is exempted by Securities and Exchange Commission (SEC) rules and regulations from requirements that otherwise apply to persons engaged in a solicitation.
The bill prescribes both registration and termination procedures.
The SEC shall report annually on its Internet website about proxy advisory firm registration applicants, actions taken on the applications, and specified related matters.
| Action Date | Type | Text | Source |
|---|---|---|---|
| 2016-09-28 | Calendars | Placed on the Union Calendar, Calendar No. 621. | House floor actions |
| 2016-09-28 | Committee | Reported (Amended) by the Committee on Financial Services. H. Rept. 114-798. | House floor actions |
| 2016-06-16 | Committee | Ordered to be Reported (Amended) by the Yeas and Nays: 41 - 18. | House committee actions |
| 2016-06-16 | Committee | Committee Consideration and Mark-up Session Held. | House committee actions |
| 2016-06-15 | Committee | Committee Consideration and Mark-up Session Held. | House committee actions |
| 2016-05-24 | IntroReferral | Referred to the House Committee on Financial Services. | House floor actions |
| 2016-05-24 | IntroReferral | Introduced in House | Library of Congress |
| 2016-05-17 | Committee | Hearings Held by the Subcommittee on Capital Markets and Government Sponsored Enterprises Prior to Introduction and Referral. | House committee actions |