,i  #aagth ,,congress  #b;d ,session    
,h4 ,r4 #idhh  ,,in ,,the ,,house ,,of  
,,representatives  ,december #ab1       
#bjbb,mr4 ,donalds introduced the       
following bill2 which was referred to   
the ,committee on ,financial ,services  
,a ,,bill  ,to amend the ,securities    
,exchange ,act of #aicd to require proxy
 voting advice businesses to disclose   
certain information1 and for other      
purposes4  #a4 ,short title ,this ,act  
may be cited as the ,proxy ,advice      
,disclosure ,act4  #b4 ,proxy voting    
advice business disclosure requirements 
,section #ad of the ,securities         
,exchange ,act of #aicd 7#ae ,u4,s4,c4  
#ghn7 is amended by adding at the end   
the following3  7k7 ,proxy voting advice
 business disclosure requirements  7#a7 
,in general ,a proxy voting advice      
business that makes proxy voting advice 
available to a security holder shall    
adopt and make publicly available       
written policies and procedures         
reasonably designed to ensure that--    

7,a7 an issuer that is the subject of   
proxy voting advice has such advice made
 available to the issuer not later than 
the time when such advice is            
disseminated to the security holder2 and
  7,b7 the security holder is provided  
with a mechanism by which the security  
holder can reasonably be expected to    
become aware of any written statements  
regarding such proxy voting advice by   
the issuer that is the subject of such  
advice1 in a timely manner before the   
applicable meeting1 vote1 consent1 or   
authorization4  7#b7 ,failure to        
disclose material information ,it shall 
be unlawful for a proxy voting advice   
business1 in providing proxy voting     
advice to a security holder1 to fail to 
disclose material information regarding 
the proxy voting advice1 including      
information regarding the methodology1  
sources of information1 or conflicts of 
interest of such proxy voting advice    
business4  7#c7 ,definitions ,in this   
subsection3 7,a7 ,proxy voting advice   

,with respect to a security of an       
issuer1 the term proxy voting advice    
means providing a recommendation to a   
security holder on a specific matter of 
which the issuer has requested security 
holder approval1 vote1 or consent4  7,b7
 ,proxy voting advice business ,the term
 proxy voting advice business means a   
person that-- 7i7 holds itself out as a 
provider for proxy voting advice        
separately from other forms of          
investment advice2 and  7ii7 sells proxy
 voting advice for a fee4  4