H.R. 4015 · 115th Congress
Corporate Governance Reform and Transparency Act of 2017
- Stage
- Passed a chamber
- Sponsor
- Sean Duffy
- Introduced
- 2017-10-11
- Latest action
- 2018-12-06 · Committee on Banking, Housing, and Urban Affairs. Hearings held.
Summary
Corporate Governance Reform and Transparency Act of 2017
(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.