H.R. 5311
IntroducedCorporate Governance Reform and Transparency Act of 2016
Latest Action
Placed on the Union Calendar, Calendar No. 621.
9/28/2016 • House
Summary
Corporate Governance Reform and Transparency Act of 2016
(Sec. 3) This bill amends the Securities Exchange Act of 1934 to: (1) require a proxy advisory firm to register with the Securities and Exchange Commission (SEC); and (2) prohibit an unregistered proxy advisory firm from using interstate commerce to provide proxy-voting research, analysis, or recommendations to any client.
With respect to such firms, the bill: (1) establishes procedures for both registration and termination of registration; (2) requires each firm to employ an ombudsman, designate a compliance officer, and file specified documents with the SEC; and (3) prohibits unfair, coercive, or abusive practices.
(Sec. 4) The SEC shall report annually on its website regarding registration applications and related matters.
Reported to House with amendment(s) • 9/28/2016
Topics & Subjects
CBO Cost Estimates (1)
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Related Federal Spending
Sponsor & Cosponsors (2)
Party Breakdown
Sponsor
Cosponsors (1)
Bill Journey
Originated in the House
Introduced
May 24, 2016
Committee Review
May 17, 2016
Hearings Held by the Subcommittee on Capital Markets and Government Sponsored Enterprises Prior to Introduction and Referral.
Floor Debate
Passed Chamber
Other Chamber
President
Enacted into Law