,,ii  #aag? ,,congress  #b;d ,session   
,s4 #cide  ,,9 ,,! ,,s5ate ,,( ,,!      
,,unit$ ,,/ates  ,m>* #bi1 #bjbb,mr4    
,hag]ty 7= himself1 ,mr4 ,da9es1 ,mr4   
,tillis1 & ,ms4 ,lummis7 introduc$ !    
foll[+ bill2 :i* 0 read twice & ref]r$  
to ! ,committee on ,bank+1 ,h\s+1 &     
,urban ,affairs  ,a ,,bill  ,to am5d !  
,securities ,ex*ange ,act ( #aicd to    
address ! solicitation ( proxy ) respect
 to securities1 & = o!r purposes4  #a4  
,%ort title ,?is ,act may be cit$ z !   
,re/or+ ,%>ehold] ,transp>5cy ,act (    
#bjbb4  #b4 ,proxies ,section #ad7;a7 ( 
! ,securities ,ex*ange ,act ( #aicd 7#ae
 ,u4,s4,c4 #ghn7a77 is am5d$ by add+ at 
! end ! foll[+3  7#c7 ,= ! purposes (   
?is subsection1 solicit+ any proxy or   
cons5t or au?orization 9 respect ( a    
security-- 7,a7 includes ! furni%+ ( a  
=m ( proxy or o!r communication to a    
hold] ( ! security "u circum/ances      
reasonably calculat$ to result 9 !      
procurem5t1 )hold+1 or revocation ( a   
proxy1 includ+ any proxy vot+ advice t--

 7i7 makes a recomm5dation to ! security
 hold] z to ! vote1 cons5t1 or          
au?orization ( ! security hold] on a    
specific matt] = :i* ! approval ( !     
security hold] is solicit$2 &  7ii7 is  
furni%$ by a p]son t-- 7,i7 m>kets !    
exp]tise ( ! p]son z a provid] ( su*    
proxy vot+ advice1 sep>ately f o!r =ms (
 inve/m5t advice2 &  7,,ii7 sells su*   
proxy vot+ advice = a fee2 &  7,b7 does 
n include ! furni%+ ( any proxy vot+    
advice by a p]son t furni%es su* advice 
only 9 response to an unprompt$ reque/4 
4  #c4 ,%>ehold] proposals  7a7 ,9 g5]al
 ,! ,securities ,ex*ange ,act ( #aicd   
7#ae ,u4,s4,c4 #gh;a et seq47 is am5d$--
 7#a7 9 section #f7;b7 7#ae ,u4,s4,c4   
#gh;f7b771 by add+ at ! end ! foll[+3   
7#aa7 ,! rules ( ! ex*ange d n require  
an issu] to be 9 compliance ) section   
#bdj4ad;a-#h ( title #ag1 ,code ( ,f$]al
 ,regulations1 or any successor         
regulation1 z a condition ( hav+ a      
security ( ! issu] li/$ on ! ex*ange4  2
 &  7#b7 9 section #ad 7#ae ,u4,s4,c4   

#ghn71 by add+ at ! end ! foll[+3  7k7  
,%>ehold] proposals ,not)/&+ any o!r    
provision ( law or regulation1 beg9n+ on
 ! date ( enactm5t ( ?is subsection1 no 
issu] %all be subject to ! requirem5ts (
 section #bdj4ad;a-#h ( title #ag1 ,code
 ( ,f$]al ,regulations1 or any successor
 regulation1 unless ! issu] agrees to be
 subject to ^? requirem5ts4  4  7b7     
,bases = exclusion ,n lat] ?an #a ye>   
aft] ! date ( enactm5t ( ?is ,act1 !    
,securities & ,ex*ange ,commission %all 
am5d section #bdj4ad;a-#h7;i7 ( title   
#ag1 ,code ( ,f$]al ,regulations1 or any
 successor regulation1 to provide t all 
( ! bases = exclusion ( a proposal "u t 
provision %all apply )\t reg>d to :e!r !
 proposal relates to a significant      
social policy issue4  7c7 ,m>ket value  
,n lat] ?an #cj days aft] ! date (      
enactm5t ( ?is ,act1 ! ,securities &    
,ex*ange ,commission %all am5d section  
#bdj4ad;a-#h7;b77#a7 ( title #ag1 ,code 
( ,f$]al ,regulations1 or any successor 
regulation-- 7#a7 by am5d+ clause 7i7 to

 read z foll[s3 7i7 ,y mu/ hold at lea/ 
#a p]c5t ( ! m>ket value ( ! company's  
securities42 &  7#b7 by /rik+ clause    
7vi74