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.
Introduced in House
Introduced in House
Referred to the House Committee on Financial Services.
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