Corporate Governance Reform and Transparency Act of 2016

Hozzl · 2023-01-11T13:33:00Z

Explore the details of House Bill 5311 Corporate Governance Reform and Transparency Act of 2016 currently in Congress. Get insights into its purpose, current status, sponsors, and potential impact on Finance and Financial Sector. Stay informed on legislative developments.

1/11/2023, 1:33 PM

Congressional Summary of HR 5311

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.

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Current Status of Bill HR 5311

Bill HR 5311 is currently in the status of Bill Introduced since May 24, 2016. Bill HR 5311 was introduced during Congress 114 and was introduced to the House on May 24, 2016. Bill HR 5311's most recent activity was Placed on the Union Calendar, Calendar No. 621. as of September 28, 2016

Bipartisan Support of Bill HR 5311

Total Number of Sponsors

Democrat Sponsors

Republican Sponsors

Unaffiliated Sponsors

Total Number of Cosponsors

Democrat Cosponsors

Republican Cosponsors

Unaffiliated Cosponsors

Policy Area and Potential Impact of Bill HR 5311

Primary Policy Focus

Finance and Financial Sector

Potential Impact Areas

Administrative law and regulatory proceduresBusiness ethicsCorporate finance and managementFinancial services and investmentsGovernment information and archivesLicensing and registrationsSecuritiesSecurities and Exchange Commission (SEC)

Alternate Title(s) of Bill HR 5311

Corporate Governance Reform and Transparency Act of 2016To improve the quality of proxy advisory firms for the protection of investors and the U.S. economy, and in the public interest, by fostering accountability, transparency, responsiveness, and competition in the proxy advisory firm industry.Corporate Governance Reform and Transparency Act of 2016Corporate Governance Reform and Transparency Act of 2016

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Comments

Sponsors and Cosponsors of HR 5311

Sean P. Duffy

Wisconsin(Republican)

John C. Carney, Jr.

Delaware(Democrat)

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