To amend the Investment Advisers Act of 1940 to require proxy advisory firms to register as investment advisers under that Act, and for other purposes.
Analysis under review: This bill has generated analysis that may be too generic or incomplete. Clause-level evidence remains available below.
Summary
What This Bill Does
Subjects proxy advisory firms to the Investment Advisers Act framework and related SEC oversight.
Who Benefits and How
Institutional investors and public companies could receive proxy advice from firms operating under a clearer federal compliance and oversight regime.
Who Bears the Burden and How
Proxy advisory firms would face new registration, examination, and compliance obligations under the securities laws.
Key Provisions
- Treats covered proxy advisory firms as investment advisers for federal securities-law purposes.
- Brings those firms into the related SEC registration and oversight framework.
Evidence Chain:
This summary is generated from the full bill text using AI analysis. Expand "Detailed Analysis" below for identified beneficiaries/burden bearers.
At a Glance
What This Bill Does
Subjects proxy advisory firms to the Investment Advisers Act framework and related SEC oversight.
Key Policy Areas
Finance, Government Operations
Primary Purpose
Subjects proxy advisory firms to the Investment Advisers Act framework and related SEC oversight.
Policy Domains
Main Provisions
Identified Gains
Contextual inference, no direct clause citation- Institutional investors and public companies relying on more tightly regulated proxy advisory services
Contextual inference, no direct clause citation
Identified Costs
Contextual inference, no direct clause citation- Proxy advisory firms subject to the new securities-law regime
Contextual inference, no direct clause citation
Sponsors
Jack Reed
D-RI | Primary Sponsor
Legislative Progress
IntroducedMr. Reed (for himself and Mr. Tillis) introduced the following …
Stakeholder Effects
cui bono?How this legislation distributes effects. Mention counts reflect frequency, not effect magnitude.
Proxy advisory firms subject to SEC registration and oversight
Bill Structure & Actor Mappings
Who is "The Secretary" in each section?
We use a combination of our own taxonomy and classification in addition to large language models to assess meaning and potential beneficiaries. High confidence means strong textual evidence. Always verify with the original bill text.
Learn more about our methodology