H.R.5311 - Corporate Governance Reform and Transparency Act of 2016114th Congress (2015-2016)
|Sponsor:||Rep. Duffy, Sean P. [R-WI-7] (Introduced 05/24/2016)|
|Committees:||House - Financial Services|
|Committee Reports:||H. Rept. 114-798|
|Latest Action:||House - 09/28/2016 Placed on the Union Calendar, Calendar No. 621. (All Actions)|
This bill has the status Introduced
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Summary: H.R.5311 — 114th Congress (2015-2016)All Information (Except Text)
Reported to House with amendment(s) (09/28/2016)
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.