H.R.5116 - Corporate Governance Reform and Transparency Act of 2019116th Congress (2019-2020) |
|Sponsor:||Rep. Steil, Bryan [R-WI-1] (Introduced 11/15/2019)|
|Committees:||House - Financial Services|
|Latest Action:||House - 11/15/2019 Referred to the House Committee on Financial Services. (All Actions)|
This bill has the status Introduced
Here are the steps for Status of Legislation:
- Passed House
- Passed Senate
- To President
- Became Law
Summary: H.R.5116 — 116th Congress (2019-2020)All Information (Except Text)
Introduced in House (11/15/2019)
Corporate Governance Reform and Transparency Act of 2019
This bill requires a proxy advisory firm to register with the Securities and Exchange Commission (SEC) and prohibits an unregistered proxy advisory firm from using interstate commerce to provide proxy-voting research, analysis, or recommendations to any client.
With respect to these 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.
The SEC must report annually on its website regarding registration applications and related matters.