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Corporate Governance Reform and Transparency Act of 2016
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.
Read the Full Bill
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
1Democrat Sponsors
0Republican Sponsors
1Unaffiliated Sponsors
0Total Number of Cosponsors
1Democrat Cosponsors
1Republican Cosponsors
0Unaffiliated Cosponsors
0Policy Area and Potential Impact of Bill HR 5311
Primary Policy Focus
Finance and Financial SectorPotential Impact Areas
- Administrative law and regulatory procedures
- Business ethics
- Corporate finance and management
- Financial services and investments
- Government information and archives
- Licensing and registrations
- Securities
- Securities and Exchange Commission (SEC)
Alternate Title(s) of Bill HR 5311
Corporate Governance Reform and Transparency Act of 2016
To 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 2016
Corporate Governance Reform and Transparency Act of 2016
Comments
Sponsors and Cosponsors of HR 5311
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